Indian rupee strengthened for second consecutive session on Thursday, on dollar selling by exporters and banks, and last hour recovery in local equity markets also influenced the rupee sentiment. Some support also came with global rating agency Moody’s latest report that its outlook for the Indian banking system is stable on improved prospects for asset quality. However, gains were capped as traders remained cautious ahead of Gross Domestic Product (GDP) figures announced later in the day. On the global front, US dollar advanced against euro and yen after strong US growth data fueled speculations that the Federal Reserve could consider hiking interest rate for a third time this year.
USDINR
Support at 64.00 and Resistance at 64.25
Below 64.00 panic remain continue till 63.85—63.70 and then to 63.50 mark else could touch its resistance level of 64.25.
Fresh buying can be initiated above 64.25
GBPINR
Support at 82.75 and Resistance at 83.10
Above 83.10 rally remain continue till 83.50—83.80 mark else could touch its support level of 82.70 mark.
Fresh selling can be initiated below 82.75 mark.
EURINR
Support at 76.10 and Resistance at 76.50
Above 76.50 rally remain continue till 76.80—77.00++ mark else could touch its support level of 76.10
Fresh selling can be initiated below 76.10
JPYINR
Hurdle at 58.30, Break and sustain above 58.30 will take it to 58.60—58.90++ 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!!
