Currency Report 25th Sept 2017
After hitting near 6-month low, Indian rupee recouped most of its losses and ended tad higher against dollar on Friday, due to selling of the American currency by banks and exporters. Local currency got some support with World Trade Organisation (WTO) raising its 2017 forecast for world trade growth to 3.6% from the 2.4% estimated earlier, a development which augurs well for India. It also said that the predicted growth would also represent a substantial improvement on the lackluster 1.3% increase in 2016. The domestic unit also found support from dollar weakened overseas. However, extremely bearish local equity markets and unabated foreign fund outflows, restricted the further move.
On the global front, dollar fell broadly against most rivals on Friday, losing its post-Fed meeting glow as international discord around North Korea bubbled up again.
USDINR
Support at 64.75 and Resistance at 65.00
Break and sustain below 64.75 will take it to 64.50—64.30 mark else could touch its resistance level of 65.00.
Fresh buying can be initiated above 65.00
Trade with levels only.
GBPINR
Below 87.70 panic remain continue till 87.50—87.30 mark else could touch its resistance level of 88.00
Fresh buying can be initiated above 88.00 only.
EURINR
Support at 77.25 and Resistance at 77.50
Break and sustain below 77.25 will take it to 77.10—77.00 and then to 66.80 mark else coucld touch its resistance level of 77.50 mark.
Fresh buying can be initiated above 77.50
JPYINR
Support at 57.70 and Resistance 58.00
Break and sustain below 57.70 will take it to 57.40—57.10 mark else could touch its resistance level of 58.00
Fresh buying can be initiated above 58.00
More will update soon !!
