Starting the new month on a weak note, Indian rupee extended losses and ended considerably weaker against US dollar on Monday, on account of selling of American currency by banks and exporters. Sentiments remained subdued with report that the growth of eight core sectors slowed to 3.6% in May, as against 5.2% in May last year, due to fall in output of coal and fertiliser. Also, activity in India’s manufacturing sector eased to a four-month low of 50.9 in June, as against 51.6 in the month of May, amid a slowdown in output and new orders as softer domestic consumption partly offset strong foreign demand. Besides, firm dollar against a basket of other currencies overseas too added pressure on the domestic unit. On the global front, pound fell for the first time in nine days against dollar after UK manufacturing expanded at a slower pace in June than forecast. The IHS Markit’s Purchasing Managers Index for manufacturing dropped to three-month low of 54.3 in June from a 56.3 in May.
USDINR
Support at 64.75 and Resistance at 65.10
Break and sustain above 65.10 will take it to 65.30—65.50++ mark else could touch its support level of 64.75 mark.
Fresh selling can be initiated below 64.75 mark.
GBPINR
Support at 84.10 and Resistance at 84.70
Close below 84.10 will take it to 83.70—83.40 mark else could touch its resistance level of 84.70.
Fresh buying can be initiated above 84.70 mark.
EURINR
Support at 73.80 and Resistance at 74.25
Close below 73.80 will take it to 73.50—73.10 mark else could touch its resistance level of 74.25 mark.
Fresh buying can be initiated above 74.25 only.
JPYINR
Below 57.60 panic remain continue till 57.30—57.10 mark, Hurdle intact at 58.10
Fresh buying can be initiated above 58.10 mark.
More will update soon!!
