Currency Report 21st November 2017
The Indian rupee after making a modestly positive start lost its direction in the latter trade to end lower on Monday. The domestic currency extending its euphoric mood after last session’s surge slipped, as the dollar fell against a basket of other major currencies with investors remaining skeptical of US Republicans’ efforts to pass tax cuts. However, the domestic markets remained lackluster and weighed on the currency amid increased dollar demand from importers, finally dragging the rupee lower for the day.
On the global front, the dollar pared gains against other major currencies on Monday, as sentiments were impacted by uncertainty over the fate of a major US tax overhaul and political turmoil in Germany.
USDINR
Support at 64.70 and Resistance at 65.20
Above 65.20 rally remain continue till 65.50—65.70++ mark else could touch its support level of 64.70 mark.
Fresh selling can be initiated below 64.70
Trade with levels only.
GBPINR
Support at 86.00 and Resistance at 86.45
Break and sustain above 86.45 will take it to 86.90—87.00++ mark else could touch its support level of 86.00
Fresh selling can be initiated below 86.00
EURINR
Below 76.30, Panic remain continue till 76.00—75.80 mark else could touch its resistance level of 76.70 mark.
Fresh buying can be initiated above 76.70
JPYINR
Support at 57.80 and resistance at 58.20
Break and sustain below 57.80 will take it to 57.50—57.30 mark else could touch its resistance level of 58.20.
Fresh buying can be initiated above 57.20 only
More will update soon!!!
