Currency Report 30th November 2017
Indian rupee pared some of early gains to end marginally stronger against dollar on Wednesday, due to some dollar demand from importers and corporates. Traders were taking support from Prime Minister Narendra Modi’s statement who called upon entrepreneurs from across the globe to make India their base for the world. He said that India has emerged as one of the fastest-growing economies and a happening place with immense opportunities in a number of areas. This was the third consecutive session when the rupee traded higher against dollar. However, gains were capped with a foreign brokerage firm lowering India’s GDP growth forecast for current fiscal to 6.6 percent from the previous 6.8 percent, citing that businesses were still adjusting to the new GST regime and there was limited room for fiscal support.
On the global front, dollar held firm on Wednesday after Wall Street shot to record peaks amid signs of progress on US tax cuts.
USDINR
Support at 64.50 and Resistance at 64.75
Above 64.75 rally remain continue till 65.00—65.10 else could touch its support level of 64.50.
Fresh selling can be initiated below 64.50
Trade with levels only.
GBPINR
Support at 86.90 and Resistance at 87.20
Break and sustain above 87.20 will take it to 87.50—87.80++ mark else could touch its support level of 86.90.
Fresh selling can be initiated below 86.90
EURINR
Support at 76.50 and resistance at 76.90
Break and sustain above 76.90 will take it to 77.20—77.50++ mark else could touch its support level of 76.50
Fresh selling can be initiated below 76.50.
JPYINR
Support at 57.65 and resistance at 58.00
Break and sustain below 57.65 will take it to 57.30—57.10 mark else could touch its resistance level of 58.00
Fresh buying can be initiated above 58.00
More will update soon!!!
