Currency Report 22nd November 2017
Indian rupee appreciated against US dollar on Tuesday, as fresh sale of the US currency by exporters paced up. Sentiments remained up-beat with international rating agency Moody’s report which expecting growth to revive next year, has said a 7.6% GDP expansion can result in corporates reporting a pre-tax profit growth of 5-6% over the next 12-18 months. Some solace also came with report that investors pumped over Rs 51,000 crore into various mutual fund schemes in October after pulling out more than Rs 16,000 crore in the preceding month. Moreover, the local unit also got some support from gains in domestic equity market, but a strong dollar overseas kept the rupee in check.
On the global front, dollar strengthened against euro after news that Germany has been unable to form a coalition government, adding to political uncertainty in the European Union.
USDINR
Support at 64.70 and Resistance at 65.20
Break and sustain below 64.70 will take it to 64.50—64.30 mark else could touch its resistance level of 64.95.
Fresh buying can be initiated above 65.20
Trade with levels only.
GBPINR
Support at 85.70 and Resistance at 86.45
Trading in range either side breakout with volumes will decide further.
EURINR
Below 76.00, Panic remain continue till 75.70—75.50 mark else could touch its resistance level of 76.70 mark.
Fresh buying can be initiated above 76.30
JPYINR
Support at 57.70 and resistance at 58.00
Break and sustain below 57.70 will take it to 57.45—57.30 mark else could touch its resistance level of 58.00
Fresh buying can be initiated above 58.00 only
More will update soon!!!
