Currency Report 29th November 2017
Rising for the second straight day, Indian rupee ended marginally stronger against dollar, owing to dollar sale by exporters and banks. Traders took some support with FICCI’s latest Survey that India's GDP growth rate is expected to rise to 6.2 percent in the second quarter of the current fiscal as the adverse impact of demonetisation and GST appears to be bottoming out. Besides, a private report stating that the economy is likely to clip at 8 percent next fiscal as the massive bank recapitalisation will help revive the long-stalled credit demand and private investments, also supported the local currency. Though, lackluster trade in the equity markets limited further appreciation of Indian currency.
On the global front, dollar held steady versus yen on Tuesday and held above a two-month low, with the near-term focus on a possible Senate vote on a US tax plan later in the week.
USDINR
Support at 64.50 and Resistance at 64.90
Below 64.50 panic remain continue till 64.35—64.10 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 86.55
Trading in range either side breakout with volumes will decide further.
EURINR
Support at 76.60 and resistance at 76.90
Break and sustain below 76.60 will take it to 76.30—76.10 mark else could touch its resistance level of 76.90
Fresh buying can be initiated above 76.90
JPYINR
Support at 57.85 and resistance at 58.20
Break and sustain below 57.85 will take it to 57.50—57.30 mark else could touch its resistance level of 58.20.
Fresh buying can be initiated above 58.20
More will update soon!!!
