Currency Report 12th Oct 2017
Extending its previous session’s gains, Indian rupee strengthened further against dollar on Wednesday, due to sustained selling of the US currency by exporters and banks. Sentiments got some support with oil cartel OPEC's Secretary General Mohammed Barkindo’s statement that India is experiencing some of the greatest structural changes as bold new reforms like note ban and GST have put the country firmly on a sustainable growth path. Besides, dollar’s slide against some currencies overseas, too gave some support to rupee, though last hour losses in domestic equity markets restricted the further up move.
On the global front, dollar was trading at more than one week lows against a basket of the other major currencies on Wednesday amid uncertainty over President Donald Trump’s tax plan, while the euro was higher as fears over Catalonia eased.
USDINR
Support at 65.30 and Resistance at 65.50
Below 65.30 panic remain continue till 65.00—64.80 and then to 64.50 mark else could touch its resistance level of 65.50
Fresh buying can be initiated above 65.50
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 77.20 and Resistance at 77.60
Break and sustain above 77.60 will take it to 77.90—78.30++ mark else could touch its support level of 77.20
Fresh selling can be initiated below 77.20
JPYINR
Support at 58.00 and Resistance 58.30
Break and sustain below 58.10 will take it to 57.80—57.50 mark else could touch its support level of 58.30
Fresh selling can be initiated below 58.30
More will update soon!!!
