Currency Report 10th November 2017
Indian rupee ended marginally higher against dollar on Thursday due to selling of the US currency by exporters and banks. The domestic currency got the support of dollar’s weakness against major world currencies overseas. This was the second consecutive session when the rupee traded higher against dollar. However, further gains were restricted as some concern came with Grant Thornton’s latest International Business Report (IBR) highlighting that India slipped to the 7th position in the September quarter from the 2nd spot in the previous three months in its ‘business optimism index’, showing clear signs of lag in the economy.
On the global front, dollar slipped against yen on Thursday on the sudden plummeting of the Nikkei stock index as well as uncertainties over the US tax reforms.
USDINR
Support at 65.00 and Resistance at 65.35
Break and sustain above 65.35 will take it to 65.70—65.90++ 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 85.50 and Resistance at 86.00
Break and sustain above 86.00 will take it to 86.35—86.50++ mark else could touch its support level of 85.50
Fresh selling can be initiated below 85.50
EURINR
Above 76.00 rally remain continue till 76.30—76.50++ mark else could touch its support level of 75.70 mark.
Fresh selling can be initiated below 75.70
JPYINR
Hurdle at 57.60, Break and sustain above 57.60 will take it to 58.00—58.10++ mark else could touch its support level of 57.30.
Fresh selling can be initiated below 57.30
More will update soon!!!
