Rupee ends weaker on month end dollar demand
Indian rupee ended marginally weaker against dollar on Friday, due to month-end dollar demand from importers and banks. Also, a weak domestic equity market weighed on the rupee. Traders maintained cautious approach ahead of the Reserve Bank of India’s two-day monetary policy meeting, which is set to begin next week on Tuesday, while the outcome is expected on Wednesday. However, losses remained capped as some support came with report from the prestigious Massachusetts Institute of Technology (MIT), which said that monsoon has strengthened over north central India in the last 15 years, indicating a reversal in the general perception that the region has dried up in over a decade. On the global front, dollar dipped against its major peers on Friday ahead of an update on the broadest measure of the US economy-a GDP report that could help shape the Federal Reserve’s so far slow-moving approach to interest rates.
USDINR July
Support at 64.30 and Resistance at 64.60
Break and sustain 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 84.10 and Resistance at 84.50
Break and sustain above 84.50 will take it to 84.80—85.00++ mark else could touch its support level of 84.10
Fresh selling can be initiated below 84.10
EURINR
Support at 75.20 Resistance at 75.55
Break and sustain above 75.55 will take it to 75.80—76.00++ mark else could touch its support level of 75.40 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!!
