Currency Report 08th December 2017
Indian rupee ended marginally lower against US dollar on Thursday, taking its losing streak for third straight session, hurt by good demand for the greenback from importers. Traders failed to get support with former RBI Governor YV Reddy’s statement that amid uncertainties in the global economic order, a sense of optimism about the future is more in India than in other parts of the world. Separately, a foreign brokerage report enlightened that the country’s economic growth is expected to continue with a shallow recovery next year, and is likely to inch up to 7.2% in 2018-19 from an estimated 6.5% in the current fiscal. Besides, the dollar rose to a position of strength overseas too weighed on the rupee sentiment. Though, spectacular rally in domestic equities helped the local unit to pare some early losses.
On the global front, dollar recovered some ground against yen on Thursday, as global markets regained some appetite for risk, and on optimism that the US will successfully push through a tax reform programme.
USDINR
Support at 64.40 and Resistance at 64.70
Above 64.70 rally remain continue till 65.00—65.30++ mark else could touch its support level of 64.40,
Fresh selling can be initiated below 64.40
Trade with levels only.
GBPINR
Support at 87.00 and Resistance at 87.35
Break and sustain above 87.35 will take it to 87.70—88.00++ mark else could touch its support level of 87.00.
Fresh selling can be initiated below 87.00.
EURINR
Support at 76.00 and Resistance 76.40
Break and sustain below 76.00 will take it to 75.60—75.50 mark else could touch its resistance level of 76.40
Fresh buying can be initiated above 76.40
JPYINR
Support at 57.00 and resistance at 57.40
Break and sustain below 57.00 will take it to 56.60—56.50 mark, further downside panic will see only below 56.50 else could touch its resistance level of 57.40.
Fresh buying can be initiated above 57.40
More will update soon!!!
