Currency Report 09th November 2017
Recovering from a two-day fall, Indian rupee ended marginally stronger on Wednesday, due to increased selling of the American currency by exporters and banks. Sentiments got some support with report that net direct tax collections rose by 15.2% to Rs 4.39 lakh crore between April and October this fiscal. This amounts to 44.8% of the total Budget estimate of direct taxes of Rs 9.8 lakh crore for 2017-18. Some solace also came with Arvind Panagariya’s statement that the country as a place for business is a lot more attractive than its ranking suggests. The rupee’s rise was also aided by dollar's weakness against other currencies, though gains were restricted as the domestic equities remained weak.
On the global front, the dollar sank on Wednesday, weighed down by uncertainty over the course of tax reform in the US.
USDINR
Support at 65.00 and Resistance at 65.35
Break and sustain below 65.00 will take it to 64.80—64.60 mark else could touch its resistance level of 65.35.
Fresh buying can be initiated above 65.35
Trade with levels only.
GBPINR
Support at 85.40 and Resistance at 85.80
Break and sustain below 85.40 will take it to 85.10—85.00 mark else could touch its resistance level of 85.80.
Fresh buying can be initiated above 85.50
EURINR
Support at 75.50 and Resistance at 75.70
Below 75.50 panic remain continue till 75.20—75.00 mark else could touch its resistance level of 75.70 mark.
Fresh buying can be initiated above 75.70
JPYINR
Support at 57.10, Break and sustain below 57.10 will take it to 56.80—56.60 mark else could touch its resistance level of 57.30.
Fresh buying can be initiated above 57.30
More will update soon!!!
