Currency Report 28th Sept 2017
Caught in a downward spiral for the third straight session, Indian rupee ended considerably weaker against the US dollar on Wednesday, on account of heavy foreign fund outflows and month-end dollar demand. Investors remained cautious with report that the Asian Development Bank (ADB) expecting the RBI to go for another round of rate cut in the latter part of 2017-18 in view of sluggish economic activities but does not see possibility of any major fiscal stimulus. Some anxiety also spread among the investors as India has been ranked as the 40th most competitive economy -- slipping one place from last year's ranking -- on the World Economic Forum's global competitiveness index, which is topped by Switzerland. Moreover, the fall in the rupee was also triggered by dollar’s appreciation overseas against a basket of major currencies along with extremely bearish local equity markets.
On the global front, US dollar rose against yen on Wednesday, on expectation of a US rate hike by the end of this year.
USDINR
Support at 65.70 and Resistance at 66.10
Break and sustain above 66.10 will take it to 66.50—66.70++ mark else could touch its support level of 65.70
Fresh selling can be initiated below 65.70
Trade with levels only.
GBPINR
Hurdle at 88.50, Break and sustain above 88.50 will take it to 88.80—89.00++ mark else could touch its support level of 88.10
Fresh selling can be initiated below 88.10
EURINR
Support at 77.45 and Resistance at 77.70
Break and sustain above 77.70 will take it to 78.00—78.20++ mark else could touch its support levle of 77.45 mark.
Fresh selling can be initiated above 77.45
JPYINR
Support at 58.30 and Resistance 58.70
Break and sustain above 58.70 will take it to 59.00—59.20++ mark else could touch its support level of 58.30
Fresh selling can be initiated below 58.30
More will update soon !!
