Currency Report 23rd October 2017
Indian rupee, snapping six successive days of gains, depreciated against dollar on Tuesday due to continued bouts of dollar demand from banks and importers. Traders failed to get relief with the report that the International Monetary Fund suggested India to consider setting up an independent fiscal council, saying this institution has contributed to better outcomes in the countries where it has been introduced. The dollar’s gains against some other currencies overseas coupled with lackluster trade in the equity markets also weighed negatively on the market.
On the global front, dollar strengthened to a one-week high against a basket of major currencies on Tuesday, supported by a rise in Treasury yields following a report US President Donald Trump was edging towards choosing a hawk as the next head of the Federal Reserve.
USDINR
Support at 64.90 and Resistance at 65.20
Above 65.20 rally remain continue till 65.30—65.55 else could touch its support level of 64.70.
Fresh selling can be seen below 64.90
Trade with levels only.
GBPINR
Hurdle at 86.10, above 86.10 will take it to 86.40—86.70, else could touch its support level of 85.70 mark.
Fresh selling can be initiate above 85.70
EURINR
Support at 76.40 and Resistance at 76.80
Break and sustain below 76.40 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
Support at 57.20 and Resistance at 57.60
Break and sustain below 57.20 will take it to 56.80—56.50 mark else could touch its resistance level of 57.60.
Fresh buying can be initiated above 57.60
More will update soon!!!
