Currency Report 14th December 2017
Fed raises rates a quarter point
Recouping most of the early losses, Indian rupee ended tad lower against the dollar on Wednesday for the second straight day, on the back of demand of the US currency from importers and banks. A negative set of macroeconomic data weighted down on the rupee sentiments. India’s industrial growth in October hit a 3-month low of 2.2%, while retail inflation in November climbed to a 15-month high of 4.88%. Besides, weak domestic stock markets
On the global front, the dollar slipped against the yen on Wednesday after the Democratic candidate won a bitter fight for a US Senate seat in deeply conservative Alabama, injecting fresh uncertainty about the outlook for the greenback in the coming months.
The Federal Reserve had been expected to raise its benchmark interest rate a quarter point to a target range of 1.25 percent to 1.5 percent. Members of the Federal Open Market Committee raised its GDP estimate from 2.1 percent in September to 2.5 percent. The inflation forecast for 2018 also got a modest boost, from 1.6 percent to 1.7 percent. The statement noted that the jobs market "will remain strong," an upgrade from the assessment at the Oct. 31-Nov. 1 meeting that conditions "will strengthen somewhat further."
USDINR
Support at 64.30 and Resistance at 64.65
Break and sustain below 64.30 will take it to 64.00—63.80 mark else could touch its resistance level of 64.65.
Fresh buying can be initiated above 64.65
Trade with levels only.
GBPINR
Support at 86.10 and Resistance at 86.65
Break and sustain above 86.65 will take it to 87.00—87.10++ mark else could touch its support level of 86.10 mark.
Fresh selling can be initiated below 86.10
EURINR
Support at 75.85 and Resistance 76.20
Above 76.20 will take it to 76.60—76.80 mark else could touch its support level of 75.85
Fresh selling can be initiated below 75.85
JPYINR
Above 57.15 rally remain continue till 57.50—57.80+++ mark, else could touch its support level of 56.90.
Fresh selling can be initiated below 56.90
More will update soon!!!
