Rupee ends tad higher against dollar on Monday
Indian rupee ended marginally higher against dollar on Monday as banks and exporters continued to sell the US currency amid persistent capital inflows. This is the second consecutive session when the rupee is traded higher against dollar. Investors took note of private report that India's foreign exchange reserves are expected to hit $400 billion by September, driven by robust capital inflows and weak credit offtake. However, dollar’s strength against major global currencies overseas along with massive losses of domestic equity markets capped the rupee’s gain. On the global front, dollar edged higher against euro, as investors remained cautious ahead of a closely-watched meeting of central bankers in Jackson Hole in Wyoming this week.
USDINR
Support at 64.00 and Resistance at 64.25
Break and sustain below 64.00 will take it to 63.80—63.50 mark, else could touch its resistance level of 64.25.
Fresh buying can be initiated above 64.25
GBPINR
Support at 82.40 and Resistance at 83.00
Below 82.40 panic remain continue till 82.00—81.80 and then to 81.50 mark, else could touch its resistance level of 83.00.
Fresh buying can be initiated above 83.00
EURINR
Support at 75.50 and Resistance at 75.90
Break and sustain below 75.50 will take it to 75.30—75.10 and then to 74.80 mark else could touch its resistance level of 75.90 again.
Fresh buying can be initiated above 75.90 only.
JPYINR
Support at 58.65 and Resistance at 59.10
Break and sustain below 58.40—58.10 mark else could touch its resistance level of 59.10.
Fresh buying can be initiated above 59.10
Trade with levels only.
More will update soon!!
