Rupee rises for the third straight session on Friday
Rising for the third straight day, Indian rupee ended marginally higher against dollar on Friday due to sustained selling of the US currency by exporters and banks. Domestic currency got some support with NITI Aayog Vice Chairman Arvind Panagariya's statement that India will regain the crown of the fastest growing major economy, overtaking China, as early as the first quarter of 2017-18. He said that India, on an annual basis, is ahead of China and will regain the growth momentum soon on the back of host of reforms initiated by the Modi government in the last three years. Besides, dollar's weakness against some other currencies overseas and a firm domestic equity market backed up the rupee. On the global front, dollar hit a one-week high against the yen on Friday after upbeat U.S. private sector job figures, while the closely-watched non-farm payrolls report out later in the global day could provide another boost.
According to the latest report from the Reserve Bank of India (RBI), the country’s forex reserves decreased by $547.0 million to $378.763 billion during the week ended May 26, 2017. The decrease in valuation of Foreign Currency Assets in the IMF pulled the forex kitty lower during the reporting week.
Valuation of foreign currency assets decreased by $555.0 million in the week and stood at $354.542 billion, while the value of gold in the reserves remained unchanged in the week to $20.438 billion during the week.
USDINR (June)
Support at 64.30 and Resistance at 64.70
Unable to breach its support level and bounced back again, Looks positive and could touch its resistance level of resistance level of 64.70.
GBPINR
Support at 83.10 and Resistance at 83.35
Below 83.10 panic remain continue till 82.80—82.65 else could touch its resistance level of 83.35 mark.
Fresh buying can be initiated above 83.35 mark.
EURINR
Support at 72.50 and Hurdle at 72.50
Break and sustain above 72.80 will see upside rally till 73.00—73.20+++ mark else could touch its support level of 72.50 mark.
Fresh selling can be initiated below 72.50
JPYINR
Support at 58.00 and Resistance at 58.20
Above 58.20 rally remain continue till 58.60—58.95++ mark else could touch its support level of 57.70 mark
Fresh selling can be initiated below 58.00
More will update soon!!
