Currency Report 27th Nov 2017
Indian rupee ended weaker against dollar on Friday on account of increased demand for dollar from banks and importers. Investors failed to get solace with a private report that the slowdown in the economy has bottomed out, and going forward, the pace of recovery will depend on initiatives the government takes to boost growth momentum, especially private investment. The report added that there has been improvement on some parameters of the economy following the slowdown, post demonetization and GST. However, gains of local equities coupled with dollar’s weakness against the basket of other major currencies limited further depreciation of Indian currency.
On the global front, US dollar was listless against euro after data showed that the euro zone economy continued to improve and job creation grew at its fastest pace in 17 years.
USDINR
Support at 64.50 and Resistance at 64.90
Above 64.90, will take it to 65.30—65.50++ mark else could touch its support level of 64.50.
Fresh selling can be initiated below 64.50
Trade with levels only.
GBPINR
Support at 86.00 and Resistance at 86.45
Above 86.45, rally remain continue till 86.80—87.00 and then to 87.30++ mark else could touch its support level of 86.00
Fresh selling can be initiated below 86.00
EURINR
Support at 76.90 and resistance at 77.20
Break and sustain above 77.20 will take it to 77.50—77.80++ mark else could touch its support level of 76.90
Fresh selling can be initiated below 76.90
JPYINR
Support at 57.80 and resistance at 58.30
Above 58.30 rally remain continue till 58.80—59.00++ mark else could touch its support level of 57.80.
Fresh selling can be initiated below 57.80
More will update soon!!
