*Rupee ends weaker for third straight session *
Extending losses for the third day in a row, Indian rupee ended weaker against the US dollar on Thursday, due to increased demand of the greenback from the importers and the banks. Investors remained cautious after Fitch Ratings in its latest report raised concerns over the recent spate of declarations of farm loan waivers across the country, adding that these moves could have a significant impact on state government finances and might undermine efforts to bring down general government debt. The rating agency noted that the farm loan waivers will also lead to further fiscal slippage at the state level or will reduce the funds available for public investment. However, positive gains in equity market as well as dollar weakness against other currencies overseas arrested some of the rupee’s fall. On the global front, euro its highest level in almost 14-months against dollar on Thursday, as investors shrugged off efforts by the European Central Bank to moderate the message in a speech given by President Mario Draghi earlier this week.
USDINR July
Above 64.75 rally remain continue till 65.00—65.10 and then to 65.30++ mark.
Support intact at 64.50
GBPINR
Hurdle at 84.70, Weekly close above 84.70 will take it to 85.00—85.30++ mark else could touch its support level of 83.80.
Fresh selling can be initiated below 83.80 mark.
EURINR
Support at73.90 and Resistance at 74.50
Close above 74.50 will take it to 74.80—75.00++ mark else could touch its support level of 73.90 mark.
Fresh selling can be initiated below 73.90 mark.
JPYINR
Support at 57.90 and Resistance at 58.30
Looks positive and could touch its resistance level of 58.30, Break and sustain above 58.30 will take it to 58.50—58.80++ mark.
Fresh selling can be initiated below 57.90 mark.
More will update soon!!
