Currency Report 14th Nov 2017
Indian rupee ended at a 6-week low against US dollar on Monday, following continued dollar demand from banks and importers coupled with heavy capital outflows. Investors have maintained cautious approach ahead of the Consumer Price Index-based inflation data for October scheduled to be released later today. Some pessimism also came with data showing that India’s Industrial production growth slowed down to 3.8% in the month of September 2017, as against 5.7% in September 2016, due to subdued performance of the manufacturing sector, coupled with contraction in output of consumer durables. Moreover, a firming dollar overseas coupled with heavy losses in domestic equity markets, too weighed heavily on forex sentiment.
On the global front, pound dropped against dollar on Monday after reports that several members of Parliament want Prime Minister Theresa May to resign, the latest sign of turmoil in the British government.
USDINR
Support at 65.30 and Resistance at 65.60
Break and sustain below 65.30 will take it to 65.10—64.95 mark else could touch its resistance level of 65.60.
Fresh buying can be initiated above 65.60
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
Hurdle at 76.50……Above 76.50 rally remain continue till 76.80—77.00++ mark else could touch its support level of 76.10 mark.
Fresh selling can be initiated below 76.10
JPYINR
Support at 57.50 and resistance at 57.90
Break and sustain below 57.50 will take it to 57.10—57.00 mark else could touch its resistance level of 57.90.
Fresh buying can be initiated above 57.90 only.
More will update soon!!!
