Currency Report 23rd November 2017
Reversing early gains, Indian rupee concluded marginally weaker against US dollar on Wednesday, on account of buying of American currency by banks and importers. Report that S&P said India’s activity indicator looks lacklustre indicating they might not barge on the BBB- rating on India any time soon, too affected the rupee. However, downside remained capped as some support came with ICRA’s report highlighting that the economic expansion in terms of gross value added (GVA) is expected to improve to 6.3% in the three months to September from 5.6% in the previous quarter, on the back of a rise in industrial growth.
On the global front, euro edged higher for a second consecutive day on Wednesday, recouping more than half of its losses sustained after the German coalition collapse as investors bought the single currency on expectations of strong economic growth.
USDINR
Support at 64.70 and Resistance at 65.00
Below 64.70 panic remain continue till 65.50—65.30 mark else could touch its resistance level of 65.00
Fresh buying can be initiated above 65.00
Trade with levels only.
GBPINR
Support at 86.00 and Resistance at 86.45
Above 86.45, rally remain continue till 86.80—87.00 and then to 87.30++ mark else could touch its support level of 86.00
Fresh selling can be initiated below 86.00
EURINR
Support at 76.40 and resistance at 76.75
Break and sustain above 76.75 will take it to 77.10—77.30++ mark else could touch its support level of 76.40
Fresh selling can be initiated below 76.40
JPYINR
Support at 57.80 and resistance at 58.20
Above 58.20 rally remain continue till 58.50—58.80 mark else could touch its support level of 57.80.
Fresh selling can be initiated below 57.80
More will update soon!!!
