Currency Report 11th Oct 2017
Strengthening for the second consecutive session, Indian rupee concluded marginally stronger against dollar on Tuesday on increased selling of the greenback by exporters and banks. The sentiments remained on positive note with RBI Governor Urjit Patel’s statement that the economy is recovering, after growth slowed to a three-year low of 5.7% in the April-June quarter. He added that the GDP growth will pick up in the third and fourth quarters (of the current fiscal year) to above 7%. Besides, a fall in dollar against major world currencies globally along with positive local equity markets also helped the domestic currency. However, gains were limited as some cautiousness prevailed ahead of key economic data i.e. August IIP and September CPI data, scheduled to be released on October 12.
On the global front, dollar edged lower against yen on Tuesday as concerns over North Korea kept investors wary and the euro hit one-week highs following upbeat German trade data and hawkish remarks by a European Central Bank official.
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 86.00 mark.
Fresh selling can be initiate below 86.00
EURINR
Support at 77.00 and Resistance at 77.30
Break and sustain above 77.30 will take it to 77.80—78.00++ mark else could touch its support level of 77.00
Fresh selling can be initiated below 77.00
JPYINR
Support at 58.00 and Resistance 58.30
Break and sustain above 58.30 will take it to 58.60—58.80++ mark else could touch its support level of 58.00
Fresh selling can be initiated below 58.00
More will update soon!!!
