Currency Report 15th November 2017
Indian rupee ended flat against US dollar on Tuesday, as traders remained cautious on the back of higher Wholesale Price Index (WPI) data. India's wholesale inflation grew to 3.59% during October, higher from 2.6% in September, due to increase in prices of food and fuel products. Some concern also came with data showing that India’s retail inflation accelerated to seven-month high of 3.58% in the month of October 2017, as compared to 3.28% in September 2017, due to an increase in prices of consumer food items. However, the domestic currency recovered from initial losses, taking support from a private report that India is likely to achieve strong growth over the next decade and will overtake Japan in nominal GDP by 2028, to emerge as the world's third largest economy.
On the global front, Pound slumped against dollar on Tuesday after October inflation data showed price pressures stalling in the UK, easing pressure on Bank of England policymakers for further interest rate hikes.
USDINR
Support at 65.30 and Resistance at 65.70
Trend looks positive and could touch its resistance level of 65.70, Break and sustain above 65.70 will take it to 66.00—66.20++ mark else could touch its support level of 65.30 mark.
Fresh selling can be initiated below 65.30
Trade with levels only.
GBPINR
Support at 85.70 and Resistance at 86.15
Break and sustain above 86.15 will take it to 86.50—86.80++ mark else could touch its support level of 85.70
Fresh selling can be initiated below 85.70
EURINR
Yesterday on our blog we clearly indicated looks positive above 76.50, it flared and hit 77.30 mark.
Now what to expect??
Above 77.30 rally remain continue till 77.50—77.80++ mark else could touch its support level of 77.00 mark.
Fresh selling can be initiated below 77.00
JPYINR
Support at 57.60 and resistance at 57.90
Break and sustain above 57.90 will take it to 58.30—58.50++ mark else could touch its support level of 57.60.
Fresh selling can be initiated below 57.60 only.
More will update soon!!!
