Rupee appreciates for second consecutive session on Thursday
Indian rupee strengthened against US dollar for second consecutive session on Thursday, on increased selling of the American currency by exporters and banks. Sentiments remained positive with UNCTAD’s latest report that India would be the top prospective foreign direct investment (FDI) destination globally after the U.S. and China. It also said that an improved economic outlook in major Asian economies such as India, China is likely to lift investor confidence and help boost FDI inflows by about 15 percent in 2017.
However, dollar’s gains against its rivals overseas and a weak domestic equity market weakened the rupee sentiment. On the global front, euro steadied near six-month highs on Thursday ahead of a European Central Bank policy announcement while sterling set a two-week high as markets priced in a victory for Britain's Conservative Party in national elections.
USDINR
Support at 64.25 and resistance at 64.55.
Weekly close below 64.25 will take it to 64.00—63.80 mark in days to come else could touch its resistance level of 64.55 mark.
Fresh buying only above 64.55
GBPINR
Support at 82.10 and Resistance at 82.70
Looks weak and could touch its support level of 82.10 Weekly close below 82.10 will take it to 81.80—81.50 mark , else could touch its resistance level of 82.70 mark.
Fresh buying only above 82.70.
EURINR
Support at 72.15 and Hurdle at 72.40
Close below 72.15 will take it to 72.00—71.90 and then to 71.75 mark else could touch its resistance level of 72.40 again.
Fresh buying only above 72.40 mark.
JPYINR
Support at 58.35 and Resistance at 58.50
Close below 58.35 will take it to 58.10—58.00 and then to 57.80 mark.
Fresh buying can be initiated only above 58.50
More will update soon!!
More will update soon!!
