Currency Report 06th Nov 2017
Indian rupee ended marginally higher against dollar on Friday due to fresh dollar selling by banks and exporters amid persistent capital inflows. Investors took some support with report that India's dominant services industry activity expanded at its fastest pace in four months in October as demand continued to strengthen, despite accelerating price pressures. The Nikkei India Services Purchasing Managers’ Index rose to 51.7 in October from September’s 50.7. Some support also came with the Finance Ministry’s statement that it approved two foreign direct investment (FDI) proposals worth Rs 24.56 crore. Besides, the dollar losing muscle against other currencies overseas along with positive trend in equity market too supported the rupee.
On the global front, dollar steadied on Friday, capping a week of mild losses, as investors waited for fresh data for evidence of more strength in the US economy and the progress of tax plans to bet on the greenback's outlook.
USDINR
Support at 64.65 and Resistance at 64.90
Break and sustain above 64.90 will take it to 65.20—65.50++ mark else could touch its support level of 64.65.
Fresh selling can be initiated below 64.65
Trade with levels only.
GBPINR
Support at 84.55 and Resistance at 85.00
Break and sustain below 84.55 will take it to 84.10—84.00 mark else could touch its resistance level of 85.00
Fresh buying can be initiated above 85.00
EURINR
Support at 75.20 and Resistance at 75.70
Break and sustain below 75.20 will take it to 74.60—74.40 mark else could touch its resistance level of 75.70.
Fresh buying can be initiate above 75.70
JPYINR
Below 56.80 panic remain continue till 56.50—56.30 mark else could touch its resistance level of 57.20
Fresh buying can be initiated above 57.20
More will update soon !!
