Currency Report 2nd November 2017
Indian rupee continued its upward march for the third straight session on Wednesday, on persistent selling of the American currency by exporters. Traders took some encouragement with report that India’s ranking in the World Bank ease of doing business survey for 2018 climbing a record 30 notches to 100, as a range of regulatory and policy reforms put in place by the Union and state governments over the past four years started delivering results. Traders largely shrugged off the report that growth in India’s manufacturing sector lost momentum in October month. The Nikkei India Manufacturing Purchasing Managers’ Index fell from 51.2 in September to 50.3 in October. Besides, strong momentum in the domestic equity markets also gave the local unit more strength
Though, US currency’s strength against other units limited further appreciation of Indian currency. On the global front, dollar steadied against a basket of major currencies on Wednesday as US Federal Reserve kept interest rate unchanged.
USDINR
Support at 64.70 and Resistance at 64.95
Below 64.70 panic remain continue till 64.50—64.35 mark else could touch its resistance level of 64.95.
Fresh buying can be initiated above 64.95
Trade with levels only.
GBPINR
Support at 85.90 and Resistance at 86.35
Break and sustain below 85.90 will take it to 85.50—85.30 mark else could touch its resistance level of 86.35.
Fresh buying can be initiated above 86.35
EURINR
Support at 75.50 and Resistance at 75.90
Below 75.50 panic remain continue till 75.20—75.00 and then to 74.80 mark else could touch its resistance level of 75.90 mark.
Fresh buying can be initiated above 75.90
JPYINR
Support at 56.80 and Resistance at 57.20
Break and sustain below 56.80 will take it to 56.50—56.30 mark else could touch its resistance level of 57.20
Fresh buying can be initiated above 57.20
More will update soon!!!
