Rupee snaps four-day gaining streak
Snapping its four-day winning streak, Indian rupee ended considerably weaker against dollar on Monday due to demand for greenback by banks and importers. Sentiments also remained dampened on ASSOCHAM’s report that with the external value of the Indian rupee superseding its internal strength despite lower inflation, the resultant mismatch and the continuing trend is hurting exporters, whose competitive edge gets directly hit with the declining value of the dollar against the domestic currency. Moreover, the dollar’s gains against some currencies overseas on strong jobs data put the rupee on back-foot.
USDINR
Support at 63.70 and Resistance at 64.00
Trading in range either side breakout with volume will decide further.
GBPINR
Support at 83.40 and Resistance at 83.80
Break and sustain below 83.40 will take it to 83.10—82.90 and then to 82.70 mark, else could touch its resistance level of 83.40.
Fresh buying can be initiated above 83.80
EURINR
Support at 75.30 Resistance at 75.75
Below 75.30 it can touch 75.10—74.80 mark else could touch its resistance level of 75.75 mark
Fresh buying can be initiated above 75.75
JPYINR
Support at 57.65 and Resistance at 57.90
Break and sustain above 57.90 will take it to 58.10--58.30 and then to 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!!
