Currency Report 26th October 2017
Indian rupee strengthened against US dollar on Wednesday, on increased selling of the American currency by exporters and banks. Sentiments remained positive with Finance Minister Arun Jaitley’s statement that the Indian economy is on a strong wicket with sound macro-economic fundamentals. He added that India has been the fastest growing major economy for the last three years and the attempt is to maintain high growth rate in coming years. Besides, sustained foreign capital inflows into equity markets also boosted the rupee against dollar.
On the global front, dollar got a lift on Wednesday after a report that Republican senators were leaning towards John Taylor to be the next Federal Reserve chief, while share markets turned flat after a run of highs.
USDINR
Support at 64.70 and Resistance at 65.00
Below 64.70 panic remain continue till 64.50—64.40 and then to 64.10 else could touch its resistance level of 65.00.
Fresh buying can be initiated above 64.90
Trade with levels only.
GBPINR
Support at 85.50 and Resistance 86.10
Trading in range either side breakout with volumes will decide further.
EURINR
Support at 76.40—76.30 and Resistance at 76.70
Trading in range either side breakout with volumes will decide further.
JPYINR
Support at 56.80 and Resistance at 57.15
Break and sustain above 57.15 will take it to 57.50—57.80++ mark else could touch its support level of 56.80.
Fresh selling can be initiated below 56.80
More will update soon!!!
