Currency Report 1st Nov 2017
Extending its winning streak for second consecutive session, Indian rupee ended stronger against US dollar on Tuesday, as the US Fed’s two-day policy meet gets under way. Exporters and banks continued to give the American currency a wide berth. Rupee sentiments also got some support with SBI Research’s latest report accessing that Indian economy is likely to improve to 6% in the second quarter of the current fiscal year 2017-18, as against 5.7% growth in the first quarter of FY18. It also said that Q2 growth might be in the lower end of 6-6.5% band with an upward bias. However, the dollar’s strength against other currencies overseas and weak domestic stock markets cast a shadow on the rupee’s gains.
On the global front, Euro slipped by a fraction against the Dollar on Tuesday after data showed a surprise fall in Eurozone inflation during October.
USDINR
Support at 64.90 and Resistance at 65.25
Below 64.90 panic remain continue till 64.75—64.60 and then to 64.30 mark else could touch its resistance level of 65.25.
Fresh buying can be initiated above 65.25
Trade with levels only.
GBPINR
Above 86.20 rally remain continue till 86.50—86.70++ mark else could touch support level of 85.90
Fresh selling can only be initiated only below 85.90
EURINR
Support at 75.50 and Resistance at 75.90
Below 75.50 panic remain continue till 75.20—75.00 and then to 74.80 mark else could touch its resistance level of 75.90 mark.
Fresh buying can be initiated above 75.90
JPYINR
Support at 56.80 and Resistance at 57.20
Break and sustain below 56.80 will take it to 56.50—56.30 mark else could touch its resistance level of 57.20
Fresh buying can be initiated above 57.20
More will update soon!!!
