Rupee ends marginally weak against dollar on Wednesday
Indian rupee 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 with rating agency ICRA’s latest report which has estimated that India’s gross value added (GVA) growth is likely to slow down to 6.3% in April-June quarter (Q1) of fiscal year 2017-18 from 7.6% in the same period of pervious year. However, dollar's weakness against other currencies overseas and strong domestic equity market restricted the rupee’s losses. On the global front, dollar edged down against the yen on Wednesday after US President Donald Trump raised the spectre of a government shutdown to fulfil a campaign pledge, but overall moves among major currencies were limited ahead of this week's Jackson Hole global central bankers' conference.
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
We clearly indicated GBPINR looks weak below 82.40… Just made low of 82.40 mark.
Now what to expect??
Support at 81.80 and Resistance at 82.30
Trend looks weak , Break and sustain below 81.80 will take it to 81.50—81.30 mark, else could touch its resistance level of 82.30.
Fresh buying can be initiated above 82.30
EURINR
Support at 75.30 and Resistance at 75.75
Trading in range either side breakout with volumes will decide further.
JPYINR
Support at 58.50 and Resistance at 58.75
Break and sustain above 58.75 will take it to 58.90—59.10 and then to 59.30++ mark else could touch its support level 58.50
Fresh selling can be initiated below 58.50
Trade with levels only.
More will update soon!!
