Currency Report 28th Nov 2017
Indian rupee appreciated against US dollar on Monday, as fresh sale of the US currency by exporters paced up. Trading sentiments remained positive after Economic Affairs Secretary Subhash Chandra Garg expressed optimism that with government’s various reforms like fiscal consolidation drive and note ban, India’s second quarter (Q2) growth will be far better than the first quarter (Q1) of the current financial year. Some relief also came with Chief Economic Adviser Arvind Subramanian’s statement that India’s steady growth has resulted in a consistent decline in poverty and improvement in several human development indices. Besides, a weak dollar against some currencies overseas also supported the rupee.
On the global front, euro hit the highest level in two-months against dollar on Monday, as data pointing to robust growth in the euro zone helped overcome investors’ concerns over political uncertainty in Germany.
USDINR
Support at 64.60 and Resistance at 64.90
Below 64.60 panic remain continue till 64.30—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 86.10 and Resistance at 86.85
Trading in range either side breakout with volumes will decide further.
EURINR
Support at 77.10 and resistance at 77.40
Break and sustain below 77.10 will take it to 76.80—76.50 mark else could touch its resistance level of 77.40
Fresh buying can be initiated above 77.40
JPYINR
Support at 58.10 and resistance at 58.30
Above 58.30 rally remain continue till 58.80—59.00++ mark else could touch its support level of 58.10
Fresh selling can be initiated below 58.10
More will update soon !!
