Currency Report 31st Oct 2017
Indian rupee ended higher against the dollar on Monday, with the American currency coming under heavy selling by banks and exporters. The domestic currency looked strong from the very beginning and was supported by the gains in the local equity markets. Sentiment got up-beat with the private report stating that the Reserve Bank is likely to cut rates at its December 6 policy review meet as retail inflation remains muted and the October number is expected to be about 3.3 percent. Some support also came with the report that foreign investors have pumped in close to $3 billion in the Indian capital markets so far this month due to high nominal and real yields and stable macroeconomic conditions. Besides, the dollar’s weakness against the yen and other currencies overseas following the ECB move triggered the rise in the local unit.
USDINR
Support at 64.90 and Resistance at 65.20
Below 64.90 panic remain continue till 64.70—64.60 and then to 64.30 mark else could touch its resistance level of 65.20.
Fresh buying can be initiated above 65.20
Trade with levels only.
GBPINR
Above 85.85 rally remain continue till 86.10—86.30 and then to 86.50++ mark else could touch support level of 85.60
Fresh selling can only be initiated only below 85.60
EURINR
Support at 75.50 and Resistance at 75.90
Trading in range either side breakout with volumes will decide further.
JPYINR
Support at 57.30 and Resistance at 57.50
Break and sustain above 57.50 will take it to 57.80—58.00 mark else could touch its support level of 57.30
Fresh selling can be initiated below 57.30
More will update soon!!!
