Currency Report 5th Oct 2017
Indian rupee strengthened considerably on Wednesday, on fresh selling of the US currency by banks and exporters. Rupee throughout the day remained positive, taking support with report that the growth of eight core infrastructure industries surged to five-month high by 4.9% in August 2017, as compared to 2.4% in July 2017, on the back of a double-digit jump in coal production and subsequent rise in electricity generation. Rupee sentiments improved further after the RBI decided to maintain status quo and keep its key interest rate, the repo rate, unchanged at 6%. The pause was on expected lines as market consensus had predicted a pause in its cutting cycle. The rupee sentiment was also buoyed as the dollar retreated globally as attention shifted to the likely composition of the new Federal Reserve board after the incumbent Chair Janet Yellen’s term ends.
USDINR
Yesterday on our blog we clearly indicated that USDINR looks weak below 65.45, it crashed vertically and made low of 65.1525.
Now what to expect??
Support at 65.15 and Resistance at 65.45
Break and sustain below 65.15 will take it to 64.80—64.50 mark else could touch its resistance level of 65.45 again.
Fresh buying can be initiated above 65.45
Trade with levels only.
GBPINR
Too indicated that GBPINR looks weak below 87.00, it also crashed vertically and made low of 86.48.
Now what to expect??
Support at 86.45, below 86.45 panic remain continue till 86.10—85.80 and then to 85.50 mark, else could touch its resistance level of 87.00.
Fresh buying can be initiate above 87.00
EURINR
Look at EURINR too, from 77.00—76.75
Now that to expect??
Support at 76.60 and Resistance at 77.00
Break and sustain below 76.60 will take it to 76.00—75.80 mark else could touch its resistance level of 77.00 mark.
Fresh buying can be initiated above 77.00.
JPYINR
Support at 57.90 and Resistance 58.15
Break and sustain below 57.90 will take it to 57.60—57.30 mark else could touch its support level of 58.60
Fresh buying can be initiated above 58.15
More will update soon!!!
