Rupee ends weaker on dollar strength overseas
Indian rupee ended weaker against the US dollar on Wednesday, due to increased demand of the greenback from the importers and the banks. Investors failed to get solace with the report that India’s services PMI rose to an eight month high in June at 53.1 as against 52.2 in May of 2017. This was also the fifth consecutive month of expansion as business environment for services sector in the country continued to improve. Moreover, the domestic currency was also weighed down by dollar’s strengthen against some other currencies overseas. However, positive gains in equity market arrested further losses. On the global front, US dollar inched higher against yen on Wednesday but struggled to make progress against euro as investors awaited minutes from the Federal Reserve's latest meeting and US jobs data later in the week.
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 83.80 and Resistance at 84.30
Break and sustain below 83.80 will take it to 83.50—83.30 and then to 83.10 mark.
Fresh buying can be initiated above 84.30
EURINR
Support at 73.50 and Resistance at 74.00
Below 73.50 will take it to 73.30—73.10 and then to 73.10 mark in days to come else could touch its resistance level of 74.00 again.
Fresh buying can be initiated above 74.00 only.
JPYINR
Support at 57.25 and Resistance at 57.80
Looks weak and could touch it support level of 57.25 mark. Further downside panic will see below 57.25, else could touch its resistance level of 57.80 mark.
Fresh buying only above 57.80
More will update soon!!
