Rupee depreciates substantially on increased dollar demand
Indian rupee, after making a weak start, depreciated substantially against dollar on Thursday on increased demand for the American currency from importers and banks amid foreign fund outflows. Traders remained concerned with the report that India’s retail inflation is expected to have picked up slightly in July after cooling in the previous three months, but likely remained well below the central bank's 4 percent medium-term target. The rupee sentiment was also hit as the dollar recovered from eight-week lows against some currencies overseas and weak trade in the domestic equities market. On the global front, dollar rose against a trade-weighted basket of currencies on Thursday as investors consolidated positions with the low-yielding Swiss franc and Japanese yen supported amid deepening anxiety over tensions between the United States and North Korea.
USDINR
Yesterday we clearly indicated looks positive above 64.00 Just made high if 64.38.
Now what to expect??
Hurdle at 64.50, Weekly close above 64.50 will take it to 64.80—65.00++ mark
Support intact at 64.00
GBPINR
Above 83.70 rally remain continue till 83.90—84.10++ mark else could touch its support level of 83.40 again.
Fresh selling can be initiated below 83.40
EURINR
Too recommended looks positive above 75.30… Just made high of 75.82
Close above 75.80 will take it to 76.20—76.50 ++ mark else could touch its support level of 75.30 mark again.
Fresh selling can be initiated below 75.30
JPYINR
JPY too skyrocketed and made high of 59.10 clearly indicated looks positive above 58.45
Now what to expect??
Break and sustain above 59.10 will see sharp upside rally till 59.30---59.50 and then to 59.80++mark
Support at intact at 58.45
Trade with levels only.
More will update soon!!
