Currency Report 29th Sept 2017
Snapping its three days losing string, Indian rupee bounced back against dollar on Thursday on dollar selling by exporters and banks, while last hour recovery in local equity markets also influenced the rupee sentiment. Investors remained optimistic with the Niti Aayog vice chairman Rajiv Kumar’s statement that the economic downturn which began in the last two years of UPA II regime has bottomed out and the growth will improve in the next two quarters. Some comfort also came with private report highlighting that India is expected to be a $6 trillion economy -- the third largest in the world -- in the next 10 years, majorly helped by digitization. Besides, dollar struggled against some other currencies overseas too helped rupee to recover.
On the global front, dollar consolidated gains after hitting a one-month high on Thursday against a basket of currencies as U.S. Treasury yields rose, prompting investors to unwind some of their dollar shorts.
USDINR
Support at 65.50 and Resistance at 65.70
Break and sustain below 65.50 will take it to 66.30—65.10++ mark else could touch its support level of 65.70
Fresh buying can be initiated above 65.70
Trade with levels only.
GBPINR
Support at 87.90, Below 87.90 panic remain continue till 87.50—87.30 mark, else could touch its resistance level of 88.30.
Fresh buying can be initiate above 88.30
EURINR
Support at 77.25 and Resistance at 77.65
Break and sustain below 77.25 will take it to 77.00—76.80 mark else could touch its resistance level of 77.65 mark.
Fresh buying can be initiated above 77.65.
JPYINR
Support at 58.20 and Resistance 58.60
Break and sustain below 58.20 will take it to 57.80—57.50 mark else could touch its support level of 58.60
Fresh buying can be initiated above 58.60
More will update soon !!
