Currency Report 08th November 2017
Caught in a downward spiral for the second straight session, Indian rupee ended considerably weaker against the US dollar on Tuesday, on increased selling of the US currency by exporters and banks. Besides, the fall in the rupee was also triggered by dollar’s appreciation overseas against a basket of major currencies along with extremely bearish local equity markets. Traders even overlooked BMI Research’s latest report that the ongoing economic reforms and improvements to the business environment will continue to support India's economic growth over the coming years, and they expect the country to be one of the best performing emerging market economies, with real GDP growth set to average 6.5 percent over the next five fiscal years.
On the global front, dollar pushed higher against a basket of the other major currencies on Tuesday as investors continued to monitor the progress of the US tax bill, while the euro fell to the lowest level in three months.
USDINR
Support at 65.00 and Resistance at 65.35
Break and sustain above 65.35 will take it to 65.50—65.65 mark else could touch its support level of 65.00.
Fresh selling can be initiated below 65.00
Trade with levels only.
GBPINR
Support at 85.80 and Resistance at 86.20
Break and sustain above 86.20 will take it to 86.50—86.70++ mark else could touch its support level of 85.60.
Fresh selling can be initiated below 85.80
EURINR
Support at 75.50 and Resistance at 75.70
Above 75.70 rally remain continue till 76.00—76.20++ mark else could touch its support level of 75.50
Fresh selling can be initiated below 75.50
JPYINR
Hurdle at 57.60, Break and sustain above 57.60 will take it to 58.00—58.20++ mark else could touch its support level of 57.10
Fresh selling can be initiated below 57.10
More will update soon!!!
