Rupee appreciates against dollar on Tuesday
Indian rupee appreciated against US dollar on Tuesday, as fresh sale of the US currency by exporters paced up. Local currency got some support with the Railway Minister Suresh Prabhu’s statement that the India’s GDP growth to the tune of 8-9% was expected and the new tax rates would contribute significantly towards this. He also said the Goods and Services Tax (GST) aims at increasing the number of taxpayers and, as the tax revenue rises, the GDP will also increase. Moreover, the local unit was in a sweet spot also because of a weak dollar overseas. On the global front, US dollar pared its loss against yen on Tuesday, with the greenback having been pushed lower as news of North Korea’s missile testing prompted haven bids for Japan’s currency.
USDINR July
Support at 64.75 and Resistance at 65.10
Trading in range either side breakout with volumes will decide further.
GBPINR
Support at 84.10 and Resistance at 84.30
Below 84.10 panic remain continue till 83.60—83.30 mark, else could touch its resistance level of 84.30 again.
Fresh buying can be initiated above 84.30
EURINR
Support at 73.80 and Resistance at 74.25
Below 73.80 will take it to 73.50—73.30 and then to 73.10 mark in days to come else could touch its resistance level of 74.25 again.
Fresh buying can be initiated above 74.20 only.
JPYINR
Support at 57.40 and Resistance at 57.80
Break and sustain below 57.40 will take it to 57.10—57.00 and then to 56.80 mark in days to come else could touch its resistance level of 57.80 mark.
Fresh buying can be initiated
More will update soon!!
