Rupee ends near 10-week high against US dollar
Indian rupee ended at near 10-week high against US dollar on Thursday, taking its winning streak for second straight session on continued dollar selling by banks and exporters. Sentiments remained up-beat with news that retirement fund body the Employees’ Provident Fund Organisation is planning to pump in Rs 22,500 crore in exchange traded funds in 2017-18 following approval from the central board of trustees to increase the equity investment from 10 percent to 15 percent. The rupee sentiment was also boosted as dollar weakened against some currencies overseas along with positive gains in the local equity markets. On the global front, yen rose against dollar after the Federal Reserve policy statement highlighted a tepid inflation outlook fuelling speculation that it is unlikely to hike rates in September.
USDINR
Support at 64.30 and Resistance at 64.50
Break and sustain below 64.30 will take it to 64.08—63.80 mark else could touch its resistance level of 64.50 mark again.
Fresh buying can be initiated above 64.50
GBPINR
Support at 84.00 and Resistance at 84.55
Break and sustain above 84.55 will take it to 84.80—85.00++ mark else could touch its support level of 84.00
Fresh selling can be initiated below 84.00
EURINR
Support at 75.20 Resistance at 75.50
Break and sustain above 75.50 will take it to 75.80—76.00++ mark else could touch its support level of 74.80 mark.
Fresh selling can be initiated below 75.20
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!!
