Currency Report 3rd November 2017
Snapping its three-day gaining streak, Indian rupee ended marginally weaker against the American currency on Thursday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Sentiments were down despite the private report stating that India’s Current Account Deficit (CAD) for this financial year is expected to be around $40 billion, or 1.5% of GDP. CAD rose sharply to $14.3 billion, 2.4% of GDP, at the end of first quarter of 2017-18. Besides, some losses in the domestic equity market too affected the rupee, but dollar’s weakness against some currencies overseas kept the fall to a minimum.
On the global front, dollar fell on Thursday, giving up some of its gains this week, as investors took profits after the US Federal Reserve left interest rates unchanged on Wednesday, as expected, with markets widely expecting a rate hike at its next meeting.
USDINR
Support at 64.70 and Resistance at 65.00
Below 64.70 panic remain continue till 64.50—64.30 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 84.60 and Resistance at 85.00
Break and sustain below 84.60 will take it to 84.30—84.10 mark else could touch its resistance level of 85.00
Fresh buying can be initiated above 85.00
EURINR
Support at 75.40 and Resistance at 75.90
Trading in range either side breakout with volumes will decide further.
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!!!
