Rupee ends weaker for third straight session
Indian rupee continued its downtrend for the third-straight day against the US dollar on Friday, due to strong demand for the American currency from importers amid foreign fund outflows. Investors remained concerned with report that the Reserve Bank of India (RBI) has halved its dividend payout to the government to Rs 30,659 crore for the fiscal ended June 2017. Last fiscal, the RBI had transferred Rs 65,876 crore surplus as dividend to the government. This would potentially impact the government’s fiscal math this financial year, which is under pressure due to state-run banks’ sluggish earnings growth. Besides, heavy losses in domestic equity markets also weighed on the sentiment of the local currency. On the global front, dollar skidded to an eight-week low against yen on Friday as escalating tensions between the United States and North Korea triggered yet more investor flight to safety.
USDINR
Support at 64.10 and Resistance at 64.50
Below 64.10 panic remain continue till 63.85—63.70 mark else could touch its resistance level of 64.50.
Fresh buying can be initiated above 64.50 only.
GBPINR
Below 83.40 panic remain continue till 83.10—83.00 mark else could touch its resistance level of 83.70 again.
Fresh buying can be initiated below 83.70
EURINR
Support at 75.50 and Resistance at 76.00
Break and sustain above 76.00 will take it to 76.30—76.50 and then to 76.80++ mark else could touch its support level of 75.50 again.
Fresh selling can be initiated below 75.50
JPYINR
Support at 58.45 and Resistance at 58.85
Break and sustain below 58.45 will take it to 58.20—58.00 mark else it could test it resistance level of 58.85.
Fresh buying can be initiated above 58.85
Trade with levels only.
More will update soon!!
