Currency Report 3rd Oct 2017
Continuing strong recovery momentum for the second day, Indian rupee ended considerably stronger against dollar on Friday, as banks and exporters continued to sell the US currency amid persistent capital inflows. Sentiments were upbeat on reports that the government will stick to its borrowing and fiscal deficit targets for this fiscal, indicating that it has no plans to relax spending goals to prop up growth as of now. Some optimism also came with the statement of Niti Aayog member Bibek Debroy that while there may be some minor problems with the economy, it was nothing to be worried about. Moreover, gains in the domestic equity markets too helped the Indian currency.
On the global front, Pound weakened against dollar on Friday, after data showed that the UK economic growth expanded at a slower pace year-on-year in the second quarter, than previously estimated.
USDINR
Support at 65.50 and Resistance at 65.90
Break and sustain above 65.90 will take it to 66.30—66.60++ mark else could touch its support level of 65.50
Fresh selling can be initiated below 65.50
Trade with levels only.
GBPINR
Support at 87.00, Below 87.00 panic remain continue till 86.50—86.30 mark, else could touch its resistance level of 87.60.
Fresh buying can be initiate above 87.60
EURINR
Support at 77.00 and Resistance at 77.65
Break and sustain below 77.00 will take it to 76.40—76.20 mark else could touch its resistance level of 77.60 mark.
Fresh buying can be initiated above 77.60.
JPYINR
Support at 58.20 and Resistance 58.60
Break and sustain below 58.20 will take it to 57.80—57.50 mark else could touch its support level of 58.60
Fresh buying can be initiated above 58.60
More will update soon !!
