Rupee ends stronger on sustain dollar sales
Indian rupee strengthened against the US dollar on Tuesday, on persistent selling of the American currency by exporters and banks. Besides, dollar’s weakness against some other currencies overseas supported the rupee sentiment. Some support also came with Central Board of Direct Taxes’ (CBDT) report of a 25 percent increase in the number of Income Tax Returns (ITRs) filed in the current fiscal, on the backdrop of economic reform, including demonetisation and the Income Tax Department’s (ITD) Operation Clean Money. On the global front, the dollar inched down slightly in Asian trading on Tuesday, but maintained most of the gains it made on last week’s robust employment data that kept hope alive that the US Federal Reserve could still increase interest rates this year.
USDINR
Support at 63.70 and Resistance at 64.00
Trading in range either side breakout with volume will decide further.
GBPINR
Support at 82.90 and Resistance at 83.40
Break and sustain below 82.90 will take it to 82.50—82.30 and then to 82.00 mark, else could touch its resistance level of 83.40
Fresh buying can be initiated above 83.40
EURINR
Support at 74.80 Resistance at 75.30
Below 74.80 it can touch 74.50—74.30 mark else could touch its resistance level of 75.30 mark
Fresh buying can be initiated above 75.30
JPYINR
Support at 58.00 and Resistance at 58.45
Break and sustain above 58.45 will take it to 58.80—59.00 and then to 59.00++ mark else could touch its support level of 58.00
Fresh selling can be initiated only below 58.00
Trade with levels only.
More will update soon!!
