Currency Report 26th Sept 2017
Indian rupee breaching 65-mark ended considerably weaker against dollar on Monday, on increased demand for the American currency from importers and banks amid foreign fund outflows. Traders were cautious with Chief Economic Adviser Arvind Subramanian’s statement that Indian economy continues to face multiple challenges and stressed on the need to tackle them on various fronts, such as exchange rate, public investments while maintaining macroeconomic stability. Besides, strength in the US dollar against some other currencies overseas along with massive losses in domestic equity markets, largely kept domestic unit under pressure.
On the global front, Sterling rebounded on Monday, having slid on Friday after a speech by Prime Minister Theresa May failed to offer the kind of detail investors had been looking for to remove political uncertainty that has kept the currency under pressure.
USDINR
Support at 65.00 and Resistance at 65.30
Break and sustain above 65.30 will take it to 65.60—65.80++ mark else could touch its support level of 65.00
Fresh selling can be initiated below 65.00
Trade with levels only.
GBPINR
Hurdle at 88.10, Break and sustain above 88.10 will take it to 88.50—88.80++ mark else could touch its support level of 87.70
Fresh selling can be initiated below 87.70
EURINR
Support at 77.20 and Resistance at 77.50
Break and sustain below 77.20 will take it to 77.00—76.80 80 mark else could touch its resistance level of 77.50 mark.
Fresh buying can be initiated above 77.50
JPYINR
Support at 58.10 and Resistance 58.50
Break and sustain above 58.50 will take it to 58.90—59.10++ mark else could touch its support level of 58.10
Fresh selling can be initiated below 58.10
More will update soon !!
