Rupee rises to highest level vs dollar since july 2015…
The rupee has been one of the best performing currencies in the world, surging over 6 % year-to-date against the US dollar. Traders attributed the gains to heavy selling of dollars by foreign banks, with the Reserve Bank of India's decision to cut interest rates on Wednesday having only a limited impact. 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 63.55 and Resistance at 64.00
Looks weak. Break and sustain below 63.55 will take it to 63.40—63.22 and then to 63.10 mark else could touch its resistance level of 64.00 again.
Fresh buying can be initiated above 64.00
GBPINR
Support at 83.80 and Resistance at 84.35
Trend looks weak, Break and sustain below 83.80 will take it to 83.55—83.35 else could touch its resistance level of 84.35 mark.
Fresh buying can be initiated above 84.35
EURINR
Support at 75.60 Resistance at 76.00
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 75.95
JPYINR
Support at 57.65 and Resistance at 58.10
Break and sustain above 58.10 will take it to 58.30—58.45 mark else could touch its support level of 57.65
Fresh selling can be initiated only below 57.65.
Trade with levels only.
More will update soon!!
