Rupee ends marginally weak on dollar demand from importers
Indian currency market remain closed on Thursday on account of Parsi New Year.
Indian rupee pared some of its early losses but ended marginally weaker against the American currency on Wednesday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Investors remained concerned after retail inflation increased to 2.36% in July from 1.46% in June, wholesale inflation rose to 1.88%, showing effects of implementation of GST and 7th Pay Commission. This effectively shoots down the probability of any near-term interest rate cut by the Reserve Bank of India (RBI). Besides, strength in the US dollar against some other currencies overseas too weighed on the rupee sentiment. Though, splendid gains of local equities limited further depreciation of Indian currency. On the global front, dollar held near a three-week high on Wednesday against a trade-weighted basket of its rivals as strong US retail sales data boosted risk appetite, though markets were wary of chasing gains due to lurking geopolitical risks.
USDINR
Support at 64.20 and Resistance at 64.50
Break and sustain below 64.20 will take it to 64.00—63.80 and then to 63.50 mark,else could touch its resistance level of 64.50.
Fresh buying can be initiated above 64.50
GBPINR
Support at 82.65 and Resistance at 83.10
Break and sustain below 82.65 will take it to 82.30—82.10 and then to 81.80 mark, else could touch its resistance level of 63.10.
Fresh buying can be initiated above 83.10
EURINR
Support at 75.20 and Resistance at 75.65
Break and sustain below 75.20 will take it to 75.00—74.80 and then to 74.30 mark else could touch its resistance level of 75.65 again.
Fresh buying can be initiated above 75.65 only.
JPYINR
Support at 58.30 and Resistance at 58.50
Above 58.50 rally remain continue till 58.85—59.00 and then 59.10++ mark else could touch its support level of 58.30 mark.
Fresh selling can be initiated below 58.30
Trade with levels only.
More will update soon!!
