Rupee recovers early losses to end marginally higher
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
Close below 64.30 will take it to 64.10—63.90 and then to 63.70 mark else could touch its resistance level of 64.60 again.
Fresh buying can be initiated above 64.60
GBPINR
Support at 84.50 and Resistance at 85.00
Break and sustain above 85.00 will take it to 85.30—85.50++ mark else could touch its support level of 84.50
Fresh selling can be initiated below 84.50
EURINR
Support at 75.40 Resistance at 76.00
Break and sustain above 76.00 will take it to 76.30—76.60++ mark else could touch its support level of 75.40 mark.
Fresh selling can be initiated below 75.40
JPYINR
Support at 57.80 and Resistance at 58.20
Close above 58.20 will take it to 58.50—58.70++ mark else could touch its support level of 57.80 mark
Fresh selling can be initiated below 57.80
More will update soon!!
