Indian rupee ended marginally higher against dollar on Wednesday, as banks and exporters continued to sell the US currency amid persistent capital inflows. Traders took some support with report that Index of Industrial Production (IIP) or factory output for the month of July 2017 stood at 1.2% compared to negative 0.1% in June 2017 and 5.2% in the similar month of the previous year. Moreover, dollar weakness against other currencies overseas, too lent support to rupee. However, gains were limited as investors maintained a cautious approach with the report that the Consumer Price Index (CPI)-based inflation surged to five-month high in August, mainly due to an increase in foods prices and higher services costs, indicating Goods and Services Tax’s (GST’s) inflationary impact. On the global front, dollar steadied on Wednesday, with investors expecting another quiet day for the currency ahead of key inflation data due on Thursday that will be closely watched by the US Federal Reserve as it considers when to raise interest rates.
USDINR
Support at 64.00 and Resistance at 64.25
Above 64.25 rally remain continue till 64.50—64.80++ mark else could touch its support level of 64.00
Fresh selling can be initiated below 64.00
GBPINR
Support at 84.80, below 84.80 panic remain continue till 84.40 – 84.10 mark else could touch its resistance level of 85.20
Fresh buying can be initiated above 85.20
EURINR
Support at 76.10 and Resistance at 76.70
Break and sustain below 76.10 will take it to 75.80—75.50 mark else could touch its resistance level of 76.70 mark.
Fresh buying can be initiated above 76.70
JPYINR
Support at 58.20, Below 58.20 panic remain continue till 57.95—57.80 mark else could touch its resistance level of 58.70
Fresh buying can be initiated above 58.70
Trade with levels only.
More will update soon!!
