Rupee ends marginally higher against dollar…
The Indian rupee recovered marginally to close at 64.54 yesterday against the US currency on fresh dollar selling by banks and exporters. A bearish greenback tone overseas largely aided the rupee recovery. A spectacular bull-run in the stock market along with robust capital flows further brightened the rupee sentiment. Retail inflation eased to a record low in June while, factory output growth slowed sharply during the month of May, increasing pressure on the Reserve Bank of India (RBI) to cut interest rates in there next schedule of monitory policy. Inflation as measured by the Consumer Price Index (CPI) slowed to 1.54% in June from 2.18% in May. However, the Index of Industrial Production (IIP) reported down to 1.7% in May compared with 3.1% noted in the previous month.
USDINR July
Support at 64.30 and Resistance at 64.80
Looks weak, could touch its support level of 64.30…Break and sustain below 64.30 will take it to 64.08—63.90 mark.
Fresh buying can be initiated above 64.80 mark.
Trade with levels only.
GBPINR
Support at 82.90 and Resistance at 83.40
Break and sustain above 83.40 will take it to 83.68—83.90 mark else could touch its support level of 82.90.
Fresh selling can be initiated below 82.90 mark.
Trade with levels only.
EURINR
Support at 73.60 and Resistance at 74.15
Looks positive and sustain above 74.15 will take it to 74.40—74.75 mark else could touch its support level of 73.60.
Fresh selling can be initiated below 73.60.
Trade with levels only.
JPYINR
Support at 56.80 and Resistance at 57.20
Looks positive and could touch its resistance level of 57.20, further upside rally will see on close above 57.20 mark else could touch its resistance level of 57.20 mark.
Fresh selling can be initiated below 56.80
More will update soon!!
