Currency Report 20th Nov 2017
Indian rupee ended stronger against dollar on Friday, due to increased selling of the American currency by banks and exporters. Rupee throughout the day remained positive, taking support with Moody’s Investor Service raising India’s government bond rating, citing continued progress in the nation’s economic and institutional reforms. The rating agency upgraded India’s bond rating to ‘stable’ (Baa2) from ‘positive’ (Baa3) and said reforms being pushed through by the government will help stabilize debt. Some encouragement also came with RBI Governor C Rangarajan’s statement who said the inflation, which rose to 3.58% in October, may ease by December and end up below 4% by the end of the current fiscal. Furthermore, dollar weakened against some currencies overseas together with good going in the local equity markets, mainly aided the currency’s appreciation.
On the global front, dollar slipped to a four-week low against yen on Friday, after reports that investigators probing possible Russian interference in the 2016 US election had subpoenaed President Donald Trump’s election campaign for documents.
USDINR
Support at 64.70 and Resistance at 65.15
Below 64.70 panic remain continue till 65.35—65.50 mark else could touch its resistance level of 64.70
Fresh selling can be initiated below 64.70
Trade with levels only.
GBPINR
Support at 85.70 and Resistance at 86.10
Break and sustain below 85.70 will take it to 85.30—85.10 mark else could touch its resistance level of 86.10
Fresh buying can be initiated above 86.10
EURINR
Below 76.35, Panic remain continue till 76.00—75.80 mark else could touch its resistance level of 76.50 mark.
Fresh buying can be initiated above 76.50
JPYINR
Support at 57.80 and resistance at 58.20
Break and sustain above 58.20 will take it to 58.50—58.80 mark else could touch its support level of 57.80.
Fresh buying can be initiated above 57.80 only.
More will update son!!!
