Currency Report 16th October 2017
The Indian rupee, extending its winning streak for fifth straight session, appreciated to near three-week high against dollar on Friday on continued selling of the US currency by banks and exporters triggered by its weakness overseas. Sentiments remained buoyant as industrial production grew to a 9-month high of 4.3% in August, while retail inflation came in at 3.28% in September. The domestic unit also found support with the World Bank chief’s statement that the reforms undertaken by Prime Minister Narendra Modi have been significant and the results would be reflected in the mid and long-term growth figures. Besides, massive gains of domestic equity market too kept the rupee on a firm ground.
On the global front, dollar fell against yen on Friday as market awaited the US inflation data due out later in the day.
USDINR
Support at 64.70 and Resistance at 65.00
Below 64.70 panic remain continue till 64.40--64.20 mark else could touch its resistance level of 65.00
Fresh buying can be initiated above 65.00
Trade with levels only.
GBPINR
Support at 86.00, below 86.00 will take it to 85.70—85.50, else could touch its resistance level of 86.60 mark.
Fresh buying can be initiate above 86.60
EURINR
Support at 76.50 and Resistance at 76.80
Break and sustain below 76.50 will take it to 76.10—75.90 mark else could touch its resistance level of 76.80
Fresh buying can be initiated above 76.80
JPYINR
Below 58.00 panic remain continue till 57.50—57.30 and then to 57.10 mark else could touch its resistance level of 58.20.
Fresh buying can be initiated above 58.20
More will update soon!!!
