Rupee ends marginally higher against dollar
Continuing its rising streak for the second straight day, Indian rupee ended marginally higher against dollar on Thursday, due to sustained selling of the US currency by exporters and banks. Sentiments remained positive with the report that Fiscal deficit in fiscal 2017 was 3.5% of GDP, in line with the budget projection, reflecting the government's commitment to the process of fiscal consolidation. In fiscal 2016, the deficit was 3.9% of GDP. Besides, dollar’s weakness against some currencies overseas too supported the rupee. However, gains were muted with India losing the tag of the world’s fastest growing major economy to China with a gross domestic product growth of 6.1% in the three months through March from a year earlier, also slowing from a provisional 7% in the previous quarter. Growth for the year ending in March came in at 7.1%, in line with the official estimate. On the global front, sterling retreated against dollar on fears that Prime Minister Theresa May could lose control of parliament in Britain's June 8 election.
USDINR (June)
Support at 64.40 and Resistance at 64.75
If unable to breach its support level of 64.40 then it can touch its resistance level of 64.75 again. Close above 64.75 will see upside rally till 64.90—65.10 mark.
Fresh selling only below 64.40
GBP-INR
Support at 83.10 and Resistance at 83.35
Trading in range either side breakout will decide further.
EURINR
Support at 72.30 and Hurdle at 72.85
Trading in range either side breakout will decide further.
JPYINR
Support at 57.70 and Resistance at 58.20
Looks weak and could touch its support level of 57.70, Weekly close below 57.70 will take it to 57.40—57.20 mark else could touch its resistance level of 58.20 mark.
Fresh buying only above 58.20 mark.
More will be update soon!!
