Currency Report 10th Oct 2017
Indian rupee, after making a good start, gave away most of its gains to end slightly higher against dollar on Monday, on sustained dollar selling by exporters. Investors took some support with Union Minister Ravi Shankar Prasad’s statement that the slowdown in the economic growth in Q1 of 2017-18 (April-June) is transitory and that will definitely pick-up pace in the next quarter as the macro fundamentals are strong. However, the rupee gains were, to some extent, capped due to strengthening in dollar against some other currencies overseas. On the global front, the dollar steadied close to its highest level in ten weeks on Monday, with strong US wages data at the end of last week giving investors’ confidence that the Federal Reserve will hike rates in December and again after that.
USDINR
Support at 65.30 and Resistance at 65.65
Break and sustain below 65.30 will take it to 65.00—64.80 mark else could touch its resistance level of 65.65 again.
Fresh Buying can be initiate above 65.65
Trade with levels only.
GBPINR
Hurdle at 86.50, above 86.50 will take to 86.80—87.00++ mark, else could touch its support level of 85.90 mark.
Fresh selling can be initiate below 85.90
EURINR
Support at 76.50 and Resistance at 77.00
Break and sustain above 77.00 will take it to 77.40—77.60++ mark else could touch its support level of 76.50
Fresh selling can be initiated below 76.50
JPYINR
Support at 57.90 and Resistance 58.30
Break and sustain below 57.90 will take it to 57.60—57.30 mark else could touch its resistance level of 58.30
Fresh buying can be initiated above 58.30
More will update soon!!!
