Rupee ends at 2-year high against dollar after rate cut by RBI
Indian rupee appreciated against US dollar to hit over 2-year high and breached 64-mark on Wednesday, on increased liquidation of the American currency by exporters and banks. Local currency gained further momentum after the Reserve Bank of India (RBI) decided to cut its key policy rate, or the repo rate, by 25 bps to 6%, which was in line with market expectations. Some encouragement also came with Minister of State for Finance Santosh Kumar Gangwar’s statement that the government has collected over Rs 1.80 lakh crore in direct tax till July 15 in the current fiscal, an increase of 21.4% year-on-year, 'belying' fears of slowdown in economic activities. On the global front, dollar was near 15-month lows against a currency basket on Wednesday as investors turned their attention to key economic events this week, particularly Friday’s US jobs report for July.
USDINR
Support at 63.80 and Resistance at 64.30
Break and sustain below 63.80 will take it to 63.55—63.40 and then to 63.20 mark else could touch its resistance level of 64.30 again.
Fresh buying can be initiated above 64.30
GBPINR
Support at 84.35 and Resistance at 84.70
Break and sustain below 84.35 below 84.00—83.80 else could touch its resistance level of 84.70 mark.
Fresh buying can be initiated above 84.70
EURINR
Support at 75.60 Resistance at 75.95
Below 75.60 it can touch 75.30—75.10 mark else could touch its resistance level of 76.00 mark
Fresh buying can be initiated above 76.00
JPYINR
We clearly recommended looks weak below 58.10 , Just made low of 57.68
Now what to expect ??
Support at 57.65 and Resistance at 58.00
Break and sustain below 57.65 will take it to 57.30—57.00 mark else could touch its resistance level of 58.00
Fresh buying can be initiated only above 58.00
More will update soon!!
