Currency Report 16th November 2017
Indian rupee strengthened against US dollar on Wednesday, on increased selling of the American currency by exporters and banks. Sentiments remained up-beat with private report stating that the decision to lower goods and services tax (GST) rates on over 200 items could help pull down retail inflation by 20 basis points from the current levels driven by lower food and beverage prices. Investors overlooked data showing that trade deficit widened to its highest in nearly three years in October, as export growth contracted for the first time after more than a year. The trade deficit widened to $14.02 billion and merchandise exports for October fell 1.12%. The domestic unit also found support from dollar weakened overseas.
On the global front, dollar slipped against basket of the other major currencies on Wednesday, as investors remained cautious ahead of the release of October consumer inflation data from the United States later in the day that could provide hints on the Federal Reserve`s monetary tightening policy.
USDINR
Support at 65.25 and Resistance at 65.50
Break and sustain above 65.50 will take it to 65.70 – 65.85++ mark else could touch its support level of 65.30 mark.
Fresh selling can be initiated below 65.25
Trade with levels only.
GBPINR
Support at 85.80 and Resistance at 86.35
Break and sustain above 86.35 will take it to 86.60—86.85++ mark else could touch its support level of 85.80
Fresh selling can be initiated below 85.80
EURINR
Support at 77.00 and resistance at 77.40
Below 77.00, Panic remain continue till 76.70—76.50 mark else could touch its resistance level of 77.40 mark.
Fresh buying can be initiated above 77.40
JPYINR
Support at 57.80 and resistance at 58.05
Break and sustain above 58.05 will take it to 58.30—58.50++ mark else could touch its support level of 57.80.
Fresh selling can be initiated below 57.80 only.
More will update soon!!!
