Currency Report 07th November 2017
Indian rupee depreciated against dollar on Monday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Sentiments remained down-beat with a private report highlighting adverse macroeconomic impact of rise in crude oil prices, said every $10 per barrel rise in the price will worsen India’s fiscal balance by 0.1 percent and current account balance by 0.4 percent of GDP. Sentiments were also dampened by lackluster trade in the equity markets. However, dollar’s weakness against some currencies overseas restricted the rupee's fall.
On the global front, dollar was little changed on Monday after investors took profits on its best weekly performance this year, with wariness about the status of the US economy and tax reform plans setting the tone.
USDINR
Support at 64.70 and Resistance at 64.95
Break and sustain below 64.70 will take it to 65.55—65.40 mark else could touch its resistance level of 64.95.
Fresh buying can be initiated above 64.95
Trade with levels only.
GBPINR
Support at 85.00 and Resistance at 85.45
Break and sustain above 84.45 will take it to 84.80—85.00++ mark else could touch its support level of 85.00
Fresh selling can be initiated below 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
Hurdle at 57.00, Break and sustain above 57.00 will take it to 57.30—57.50++ mark else could touch its support level of 56.60
Fresh selling can be initiated below 56.60
More will update soon!!!
