Rupee ends marginally weaker on Monday
Indian rupee pared some of its early losses but still ended marginally weaker against the American currency on Monday, due to fresh dollar demand from banks and importers. Traders maintained cautious approach ahead of the US Federal Reserve’s two-day policy meeting that is schedule to begin tomorrow. However, dollar weakness against other currencies overseas and firm domestic equity market limited the rupee’s fall. Meanwhile, investors took note of India Meteorological Department’s (IMD) statement that the cumulative rainfall received till Sunday across the country was 103% of the benchmark long period average (LPA). Both the north-west and central parts of the country have received ‘excess’ rainfall with 116% and 113% of LPA, respectively. In case of the southern peninsula, rainfall has been 91% of LPA, while in the east and the north-east region, rainfall has been 90% of LPA. On the global front, the dollar fell to a 13-month low against a trade-weighted basket of currencies on Monday, weighed down by softening US Treasury yields and weak data that is undermining the case for a further rise in interest rates 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 83.70 and Resistance at 84.10
Break and sustain above 84.10 will take it to 84.30—84.50++ mark else could touch its support level of 83.70
Fresh selling can be initiated below 83.70
EURINR
Hurdle at 75.25 …Above 75.25 rally remain continue till 75.50—75.80++ mark.
Support intact at 74.80
JPYINR
Below 58.00 panic remain continue 57.80—57.70 mark else could touch its resistance level its resistance level of 58.20
Fresh buying can be initiated above 58.20
More will update soon!!
