Currency Report 27th October 2017
Gaining for the second day, Indian rupee ended marginally higher against US dollar on Thursday as exporters and banks stepped up selling of the American currency. Sentiments remained optimistic with DIPP Secretary Ramesh Abhishek’s statement that India's ranking may improve significantly in the World Bank's ease of doing business report on the back of reforms initiated by the government. The domestic unit also found support from gains in local equity markets. However, the rupee gains were, to some extent, capped due to strengthening in dollar against some other currencies overseas.
On the global front, US dollar surged against yen on Thursday as market players waited for the results of a policy meeting of the European Central Bank (ECB).
USDINR
Support at 64.70 and Resistance at 65.25
Trading in range either side breakout with volumes will decide further.
Trade with levels only.
GBPINR
Support at 85.50 and Resistance 86.10
Below 85.50 panic remain continue till 85.10—84.90 and then to 84.70 mark else could touch resistance level of 86.10
Fresh buying can only be initiated above 86.10
EURINR
Support at 75.50 and Resistance at 76.00
Break and sustain below 75.50 will take it to 75.10—75.00 and then to 74.60 mark else could touch its resistance level of 76.00
Fresh buying can be initiate above 76.00
JPYINR
Support at 56.80 and Resistance at 57.15
Break and sustain below 56.80 will take it to 56.40—56.20 mark else could touch its resistance level of 57.10
Fresh buying can be initiated below 57.15
More will update soon!!!
