Rupee depreciates on dollar buying
Indian rupee depreciated against the US dollar on Tuesday, due to month-end dollar demand from importers and banks. Sentiments remained subdued with NITI Aayog’s report highlighting that there is a huge gap between what the state governments have done to improve ease of doing business and what the enterprises know of these improvements. Besides, massive losses of domestic equity markets too impacted the rupee, but a weak dollar overseas kept the fall to a minimum. On the global front, dollar slumped to a four-month low against yen on Tuesday after North Korea fired a missile that passed over northern Japan, the latest act of provocation by Pyongyang that has ramped up tensions in the region over the past month.
USDINR
Support at 64.00 and Resistance at 64.25
Break and sustain above 64.25 will take it to 64.50—63.70 mark, else could touch its support level of 64.00
Fresh selling can be initiated below 64.00
GBPINR
Support at 82.70 and Resistance at 83.10
Above 83.10 rally remain continue till 83.50—83.80 mark else could touch its support level of 82.70 mark.
Fresh selling can be initiated below 82.70 mark.
EURINR
Support at 76.50 and Resistance at 77.00
Above 77.00 rally remain continue till 77.30—77.50 and then to 77.90++ mark else could touch its support level of 76.50
Fresh selling can be initiated below 76.50
JPYINR
Support at 58.40 and Resistance at 58.85
Break and sustain below 58.40 will take it to 58.00—57.90 mark else could touch its resistance level of 58.85.
Fresh buying can be initiated above 58.85
Trade with levels only.
More will update soon!!
