Indian rupee ended weaker against the American currency on Thursday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Investors remained concerned with data released by the commerce and industry ministry highlighting that higher inflation in food and fuel products drove India’s Wholesale Price Inflation (WPI) to 3.24% in August from 1.88% in July. Food articles inflation was up 5.75% with that in vegetables at 44.91% and onions at 88.46%. Moreover, fall in the domestic currency was also due to dollar strengthened against some other currencies overseas. On the global front, dollar held steady near a four-week high against yen, with traders looking to US consumer inflation data later in the day for clues on the possible timing of the Federal Reserve’s next rate rise.
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
Hurdle at 86.10, Break and sustain above 86.10 will take it to 86.40—86.60++ mark else could touch its support level of 85.60 mark.
Fresh selling can be initiated below 85.60
EURINR
Support at 76.40 and Resistance at 76.70
Break and sustain above 76.70 will take to 77.00—77.10++ mark else could touch its support level of 76.40.
Fresh selling can be initiated below 76.40
JPYINR
Resistance at 58.35, Break and sustain above 58.35 will take it to 58.60—58.85++ mark else could touch its support level of 58.00
Fresh selling can be initiated below 58.00
Trade with levels only.
More will update soon!!
