Currency Report 6th Oct 2017
Indian rupee depreciated marginally against dollar on Thursday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Sentiments remained subdued as the RBI cut the economic growth forecast for the current fiscal to 6.7% from its August forecast of 7.3% in view of issues with GST implementation and lower Kharif output estimates. Besides, dollar’s renewed strength against other currencies overseas and weak trade in the local equity market also hit the sentiment of rupee. However, losses were limited as some support came with NITI Aayog CEO Amitabh Kant’s statement that while there has been a 'little bit of dip' in the Indian economy, it is now bouncing back. On the global front, pound took a tumble on Thursday amid a cocktail of bad news including weak car sales data and S&P comments questioning whether the UK economy could handle an interest rate hike.
USDINR
Support at 65.10 and Resistance at 65.50
Break and sustain above 65.50 will take it to 65.80—66.00++ mark else could touch its support level of 65.10 again.
Fresh selling can be initiate below 65.10
Trade with levels only.
GBPINR
Yesterday on our blog we clearly indicated that GBPINR looks weak below 86.45…it crashed vertically and just made low of 85.55 mark.
Now what to expect??
Support at 85.50, below 85.50 panic remain continue till 85.10—84.80 mark, else could touch its resistance level of 86.10.
Fresh buying can be initiate above 86.10
EURINR
Support at 76.50 and Resistance at 77.00
Break and sustain below 76.50 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!!!
