Rupee ends higher against greenback on lower trade deficit
Indian rupee strengthened against dollar on Monday, on lower trade deficit data and a positive domestic equity market. India’s trade deficit narrowed more-than-expected to $12.96 billion in June as gold imports nearly halved from a month earlier. Some support also came with latest edition of the OECD’s economic outlook report on India stating that economic growth is projected to remain strong and India will remain the fastest growing G20 economy. The local currency also received a boost from a weakness in US greenback against some major currencies overseas. On the global front, dollar was wallowing near 10-month lows on Monday after data showing that China’s economy gained momentum in the second quarter amid lingering doubts over the Federal Reserve’s plans to raise interest rates again this year.
USDINR July
Support at 64.30 and Resistance at 64.60
Trading in range either side breakout will decide further.
GBPINR
Support at 84.20 and Resistance at 84.60
Break and sustain above 84.60 will take it to 85.00—85.20++ mark else could touch its resistance level of 84.20
Fresh selling can be initiated below 84.20 mark.
EURINR
Support at 74.00 and Resistance at 74.40
Break and sustain above 74.40 will take it to 74.80—75.00 else could touch its support level of 73.60.
Fresh selling can be initiated below 74.00
JPYINR
Support at 57.20 and Resistance at 57.60
Break and sustain above 57.60 will take it to 58.10—58.30++ mark else could touch its support level of 57.20.
Fresh selling can be initiated below 57.20
More will update soon!!
