* Rupee ends tad lower against dollar on Wednesday *
In line with equity market, the Indian rupee ended marginally lower against US dollar due to fresh demand for the American currency from banks and importers. Traders remained cautious ahead of the Goods and Services Tax (GST) implementation from July 1, 2017. According to the Finance Minister Arun Jaitley, people may have to face some difficulty initially during the GST is rolled out, but in the long run the new indirect tax regime would help cut tax evasion and check price rise. He also said that the GST Council will look at bringing real estate within the GST net by next year and revisit taxing of petroleum products under the new regime in 1-2 years. Besides, US dollar’s gain against other currencies overseas too dragged the rupee down. On the global front, euro surged to a one-year high on Wednesday, sparked by European Central Bank chief Mario Draghi’s startlingly upbeat view on the inflation outlook.
USDINR July
Support at 64.55 and resistance at 64.75
Break and sustain above 64.75 will take it to 65.00—65.10++ mark else could touch its support level of 64.55 mark.
Fresh selling can be initiated below 64.55
GBPINR
Above 83.70 rally remain continue till 84.00—84.20++ mark in days to come.
Support intact at 83.20
EURINR
Hurdle at 73.80, above it rally remain continue till 74.10—74.30++ mark else could touch its support level of 73.30 mark.
Fresh selling can be initiated below 73.30 mark.
JPYINR
Support at 57.50 and Resistance at 57.80
Looks positive can could touch its resistance level of 57.80, Close above 57.80 will take it to 58.00—58.30++ mark else could touch its support level of 57.50 again.
Fresh selling can be initiated below 57.50
More will update soon!!
