Currency Report 4th Oct 2017
Indian rupee depreciated against the US dollar on Tuesday, as the greenback took on more strength overseas. Sentiments remained down-beat with Fitch Ratings in its latest report trimming India’s economic growth forecast for the fiscal year 2017-18 by half a percentage point to 6.9% from 7.4% after the GDP growth unexpectedly faltered in the April-June quarter. Investors even overlooked the report that manufacturing activity in India showed a modest improvement in September supported by increases in both output and new orders. The Nikkei India Manufacturing Purchasing Managers’ Index, or PMI, remained unchanged at 51.2 in September. However, a strong domestic equity market prevented the rupee from falling further.
On the global front, dollar climbed for a second consecutive day on Tuesday as a strong reading for US manufacturing activity pushed bond yields higher, prompting investors to trim some of their extreme short bets against the greenback.
USDINR
Support at 65.45 and Resistance at 65.90
Break and sustain below 65.45 will take it to 65.00—64.80 mark else could touch its resistance level of 65.90
Fresh buying can be initiated above 65.90
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 77.65.
JPYINR
Support at 58.15 and Resistance 58.50
Break and sustain below 58.15 will take it to 57.80—57.50 mark else could touch its support level of 58.60
Fresh buying can be initiated above 58.50
More will update soon !!
