Rupee manage modestly positive close paring all the early lead
Indian rupee after making a positive start managed a modestly positive close on Wednesday, recovering some ground from its last session fall, on back of selling of American currency by banks and exporters. The domestic currency got the support of dollar’s weakness against major world currencies overseas. A strong domestic equity market too propped up the rupee sentiment in early trade, as the local markets made a strong come back from last session fall, however the rupee pared most of the gains in final hours on increased month end dollar demand from importers. On the global front, the dollar recovered from a four-month low against the Japanese yen on Wednesday as investors’ worries over North Korea’s latest missile test eased, boosting appetite for riskier assets.
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 82.75 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 82.75 mark.
EURINR
EURINR unable to sustain at upper level and crashed vertically.
Now what to expect??
Support at 76.10 and Resistance at 76.50
Below 76.10 panic remain continue till 75.80—75.50 mark else could touch its resistance level of 76.50
Fresh buying can be initiated above 76.50
JPYINR
Yesterday on our blog we clearly indicated that JPYINR looks weak below 58.40. It crashed vertically and made low 58.15.
Now what to expect??
Support at 58.05, Break and sustain below 58.05 will take it to 57.90—57.70 mark else could touch its resistance level of 58.40
Fresh buying can be initiated above 58.40
Trade with levels only.
More will update soon!!
