Currency Report 24th November 2017
Indian rupee ended considerably stronger against the US dollar on Thursday, on continuous selling of the US currency by exporters and banks. Sentiments remained up-beat with NITI Aayog vice-chairman Rajiv Kumar’s statement that India's GDP growth rate in Q2 is likely at 6.2-6.3% and for the full year could be closer to 7% and for Second-half growth has to be 7.5%. The domestic currency also got some support with Moody’s latest report where it expecting an improvement in the credit profiles of India Inc next year, driven by better sales as it expects GST-related disruptions to wane, leading to an all-round recovery in economic activities. Besides, weakness of dollar in the overseas market also boosted the value of rupee against the dollar.
On the global front, broadly weaker dollar was nursing losses at two-month lows against yen on Thursday after the minutes of the Federal Reserve’s November meeting showed that some officials remain concerned about low inflation.
USDINR
Support at 64.50 and Resistance at 64.90
Overall trend looks weak….Below 64.50 panic remain continue till 64.10—64.00 mark else could touch its resistance level of 64.90
Fresh buying can be initiated above 64.90
Trade with levels only.
GBPINR
Support at 85.70 and Resistance at 86.10
Above 86.10, rally remain continue till 86.50—87.80 mark else could touch its support level of 85.70
Fresh selling can be initiated below 85.70
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!!!
