Currency Report 27th Sept 2017
Falling for the second consecutive session, Indian rupee depreciated substantially against dollar on Tuesday, on increased month-end demand for the US currency from importers amid sustained foreign fund outflows. Investors remained concerned with the report that Asian Development Bank downgraded India’s growth projection to 7 percent for the current fiscal while lowering its forecast for the next financial year as well. Additionally, dollar rose to a position of strength overseas along with weak trade in domestic equity market, mainly pressurized the home unit.
On the global front, dollar climbed against most other currencies on Tuesday, rising to a one-month high against the euro as traders continued to digest the German election and looked ahead to a speech on monetary policy from Federal Reserve Chairwoman Janet Yellen.
USDINR (Oct)
Support at 65.50 and Resistance at 65.80
Break and sustain above 65.80 will take it to 66.30—66.50++ mark else could touch its support level of 65.50
Fresh selling can be initiated below 65.50
Trade with levels only.
GBPINR (Oct)
Hurdle at 88.40, Break and sustain above 88.40 will take it to 88.80—89.00++ mark else could touch its support level of 88.00
Fresh selling can be initiated below 88.00
EURINR (Oct)
Support at 77.45 and Resistance at 77.70
Break and sustain below 77.45 will take it to 77.10—76.90 mark else could touch its resistance level of 77.70 mark.
Fresh buying can be initiated above 77.70
JPYINR (Oct)
Support at 58.45 and Resistance 58.70
Break and sustain below 58.45 will take it to 58.10—58.00 mark else could touch its resistance level of 58.70.
Fresh buying can be initiated below 58.70
More will update soon!!
