Falling for the third-straight session, Indian rupee ended weaker against the US dollar on Tuesday, due to increased demand of the greenback from the importers and the banks. Sentiments remained down-beat with the domestic rating agency Crisil lowering its growth forecast to 7 percent for fiscal 2018, down from 7.4 percent earlier, as it sees disruptions arising from the implementation of the new uniform tax regime to continue to impact the economy for a few more quarters. Sentiment was also hampered after activity in India’s dominant services sector contracted for a second straight month in August on disruptions caused by GST hurt new orders. August’s Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 47.5, from July’s 45.9 but still below the 50 mark that separates expansion from contraction. However, dollar weakened overseas along with gains in the local equity markets, limited the further slide of the currency. On the global front, dollar slipped against Japanese yen on Tuesday as global tensions simmered amid signs that North Korea could conduct more missile tests.
USDINR
Support at 64.00 and Resistance at 64.35
Above 64.35 rally remain continue till 64.50—64.80 and then to 65.00++
Fresh selling can be initiated below 64.00
GBPINR
Yesterday on our blog we clearly indicated GBPINR looks positive above 83.35, it flared and hit 83.92.
Now what to expect??
Hurdle at 84.00, above 84.00 it can touch 84.30—84.50++ mark.
Support intact at 83.50
EURINR
Hurdle at 76.80, Above 76.80 rally remain continue till 77.00—77.20++ mark else could touch its support level of 76.50
Fresh selling can be initiated below 76.50
JPYINR
Yesterday on our blog we clearly indicated JPYINR looks positive above 58.90 if flared and made high of 59.34
Now what to expect??
Hurdle at 59.40, Break and sustain above 59.40 will take it to 59.60—59.80++ mark else could touch its support level of 59.00
Fresh selling can be initiated below 59.00
Trade with levels only.
More will update soon!!
