Currency Report 13th October 2017
Rising for the third straight day, Indian rupee closed at one-week high against US dollar on Thursday, on the back of dollar sales by banks and sustained flows in the domestic equity market. Investors took some support with the Department of Economic Affairs Secretary, Subhash Chandra Garg’s statement that India’s GDP might return to 7% plus growth by next year as all indicators point to an ‘economic turnaround’. Besides, dollar struggled against some other currencies overseas, further supported the rupee sentiment. However, gains were limited as some caution lingered in the market ahead of release of crucial macro-economic data- August IIP and September CPI, which are scheduled to be released later in the day.
On the global front, euro climbed to a two-week high against dollar on Thursday after a slew of strong data that supported a growing view that the European Central Bank will announce a plan to wind down its huge stimulus plan at a policy meeting later this month.
USDINR
Support at 65.00 and Resistance at 65.30
Below 65.30 panic remain continue till 64.80--64.50 mark else could touch its resistance level of 65.30
Fresh buying can be initiated above 65.30
Trade with levels only.
GBPINR
Hurdle at 86.60, above 86.60 will take to 87.00—87.10++ mark, else could touch its support level of 86.00 mark.
Fresh selling can be initiate below 86.00
EURINR
Support at 77.10 and Resistance at 77.30
Break and sustain below 77.10 will take it to 76.80—76.50 mark else could touch its resistance level of 77.30
Fresh buying can be initiated above 77.30
JPYINR
Support at 58.00 and Resistance 58.30
Trading in range either side breakout with volumes will decide further.
More will update soon!!!
