Currency Report 13th Nov 2017
Indian rupee ended considerably weaker against the US dollar on Friday due to dollar demand from banks and importers. The sentiments were in pessimistic mood with the Moody's latest report stating that India is the only G20 emerging market country where growth has slowed sharply for six consecutive quarters. But it expects economic growth in 2017 to average 6.2% before accelerating to around 7.5% in 2018 and 2019. Some concern also came with the report that India’s retail inflation is forecast to have sped up to a seven-month high in October, led by a rebound in food prices as unexpected rains destroyed crops.
Dollar weakened against some currencies overseas due to likely delay in the implementation of a major corporate tax cut limited the rupee's losses.
USDINR
Support at 65.20 and Resistance at 65.50
Break and sustain above 65.50 will take it to 65.80—65.95++ mark else could touch its support level of 65.20.
Fresh selling can be initiated below 65.20
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
Cleary indicated looks positive above 76.00...it made high of 76.42.
Now what to expect??
Above 76.50 rally remain continue till 76.80—77.00++ mark else could touch its support level of 75.70 mark.
Fresh selling can be initiated below 76.15
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 !!
