Rupee rises for the third straight session on Monday
Rising for the third straight day, Indian rupee ended marginally higher against dollar on Monday, due to sustained selling of the US currency by exporters and banks. Sentiments remained positive with the report that Foreign Portfolio Investment (FPI) inflows during the period between January-June 2017 (H12017) stood at nearly $23 billion into the Indian capital markets, largely driven by several factors, including expectations from the government that it would speed up development and economic reforms. Moreover, the domestic indices zoomed to record highs cleared the way for the rupee's up-move, but the dollar made headway overseas after US jobs data, restricted the further move. On the global front, dollar traded at a two-month high against yen on Monday, helping to lift a broader dollar index, as the gap between US rates and Japanese rates favoured the US currency for now.
USDINR
Support at 64.55 and Resistance at 64.80
Looks weak can could touch its support level of 64.55…Break and sustain below 64.55 will take it to 64.35—64.10 mark.
Fresh buying can be initiated above 64.80 mark.
GBPINR
Support at 83.50 and Resistance at 83.70
Below 83.50 panic remain continue till 83.30—83.10 mark and then to 82.80 mark, else could touch its resistance level of 83.70 mark.
Fresh buying can be initiated above 83.70 mark.
EURINR
Support at 73.50 and Resistance at 74.00
Looks weak and could touch its support level of 73.50
Below 73.50 will take it to 73.30—73.10 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 56.50 and Resistance at 56.90
Looks weak and could touch its support level of 56.50. Further downside panic will see below 56.50 else could touch its resistance level of 56.90.
Fresh buying can be initiated above 56.90
More will update soon!!
