Currency Report 9th Oct 2017
Piling on previous session’s losses, Indian rupee weakened further against the American currency on Friday on heavy dollar demand from corporates and importers. This is the second consecutive session when the rupee is traded lower against dollar. Investors failed to get solace with Commerce and Industry Minister Suresh Prabhu's statement that he is working closely with the finance ministry and other departments to firm up policy initiatives along with fiscal incentives to give a fillip to industrial growth and job creation. Besides, dollar’s gain against other currencies overseas put pressure on the rupee, but good going in the domestic equity market prevented the rupee from falling further.
On the global front, dollar edged higher on Friday and is on track for its fourth consecutive week of gains as investors continued to cut their short bets against the greenback on a growing view that bond markets have under-priced the extent of US rate increases.
USDINR
Support at 65.30 and Resistance at 65.65
Break and sustain 65.30 will take it to 65.00—64.80 mark else could touch its resistance level of 65.65 again.
Fresh Buying can be initiate above 65.65
Trade with levels only.
GBPINR
Hurdle at 86.00, above 86.00 will take to86.50—86.80++ mark, else could touch its support level of 85.50 mark.
Fresh selling can be initiate below 85.50
EURINR
Support at 76.80 and Resistance at 77.10
Break and sustain above 77.10 will take it to 77.50—77.80++ mark else could touch its support level of 76.80.
Fresh selling can be initiated below 76.80
JPYINR
Support at 57.90 and Resistance 58.20
Above 58.20 rally remain continue till 58.60—58.90++ mark else could touch its support level of 57.90
Fresh selling can be initiated below 57.90.
More will update soon!!
