Rupee ends substantially stronger on dollar sales by banks
Indian rupee ended substantially stronger against dollar on Friday due to selling of American currency by banks and exporters. Besides, dollar weakness against some other currencies overseas added to the rupee gains. Some support also came with report that net direct tax collection grew by 14.8 per cent to Rs 1.42 lakh crore at the end of first quarter on account of surge in advance tax payments. As per the finance ministry the net direct tax collection represents 14.5 per cent of the total Budget Estimates of direct taxes of Rs 9.8 lakh crore for 2017-18. The domestic currency remained unaffected by the weak trade in domestic equity market. On the global front, dollar hit a seven-week high against yen on Friday after the Bank of Japan increased its purchases of government bonds, expanding monetary policy at a time when other major central banks are moving towards tightening.
USDINR
Support at 64.50 and Resistance at 64.75
Looks weak can could touch its support level of 64.50. Break and close below 64.50 will take it to 64.35—64.20 mark else it could test it's resistance level of 64.75 again
Fresh buying can be initiated above 64.75 mark.
GBPINR
Support at 83.50 and Resistance at 83.90
Break and sustain below 83.50 will take it to 83.30—83.10 mark
Hurdle and stop loss above 83.90
EURINR
Support at 73.75 and Resistance at 74.00
Looks weak and could touch its support level of 73.75.
Below 73.75 will take it to 73.50—73.35 and then to 73.10 mark in days to come else could touch its resistance level of 74.00 again.
Fresh buying can be initiated above 74.00 only.
JPYINR
Support at 56.70 and Resistance at 57.10
Close below 56.70 will take it to 56.50—56.30 and then to 56.00 mark, else could touch its resistance level of 57.10 mark.
Fresh buying can be initiated above 57.10
More will update soon!!
