Rupee appreciates for fourth consecutive session on Monday
Indian rupee ended stronger against dollar for the fourth straight day on Monday, on increased selling of the US currency by exporters and banks amid higher foreign fund inflows. Investors got support with a World Bank report stating that successful demonetisation will help in raising revenues on sustained basis as more and more people will come under the tax net. Some support also came with private report that the country's services sector activity increased at its fastest pace in four months in May led by a faster rise in new business inflows. The Nikkei/IHS Markit Services Purchasing Managers' Index rose to a seven-month high of 52.2 in May, from April's 50.2.
Moreover, positive gains in the local equity markets coupled with weak dollar against some currencies overseas too provided added momentum to the rupee. However, gains were muted as investors remained cautious ahead of the Reserve Bank of India's policy meeting, which begins tomorrow. On the global front, dollar somewhat drifted away from a seventh-month low against other currencies after US employment data showed only few jobs were added to the country’s economy in May, while figures in the past two months were revised lower.
USDINR (June)
Support at 64.40 and Resistance at 64.70
Trading in range …either side breakout with volumes will decide further.
GBPINR
Above 83.35 rally remain continue till 83.50—83.80++ mark.
Support and stop loss below 83.10 mark.
EURINR
Support at 72.50 and Hurdle at 72.85
Break and sustain above 72.85 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
Yesterday on blog clearly indicated that JPYINR looks positive above 58.20 and can touch 58.60—58.95. Just made high of 58.76.
Now what to expect??
Hurdle at 58.95
Close above 58.95 will see upside rally till 59.10—59.30++ mark.
Support at 58.50
More will update soon!!
