Rupee snaps four-day gaining streak
Snapping its four-day winning streak, Indian rupee ended marginally weaker against dollar on Tuesday, due to demand for greenback by banks and importers. Traders remained on sidelines ahead of Reserve Bank of India (RBI) interest rate decision tomorrow. The street is expecting the Monetary Policy Committee (MPC) to turn dovish and to be open for a 25 bps cut in interest rates on August 2 if rains are normal. Investors shrugged off the report that India has surpassed China to secure the top position among 30 developing countries on ease of doing business. The rupee sentiment was also hit due a weak domestic equity market. On the global front, dollar fell below the 110 level against the yen on Tuesday, hitting a one-and-a-half month low as investor jitters over looming geopolitical risk events underpinned safe haven demand.
USDINR
Support at 64.55---64.30 and resistance at 64.80.
Either side break or close with volume will decide further.
GBPINR
Support at 83.10 and Resistance at 83.60
Trading in range either side breakout with volumes will decide further.
EURINR
Support at 72.50 and Hurdle at 72.80
Above 72.80 rally remain continue till 73.00---73.10 and then to 73.30 mark.
Fresh selling can be initiated below 72.50 mark.
JPYINR
Above 59.12 rally remain continue till 59.30---59.50 and then to 59.70+++ mark
Fresh selling can be initiated below 58.80 mark.
More will update soon!!
