Currency Report 28th December 2017
Continuing its downward slide for the second day in a row, Indian rupee ended marginally weaker against dollar on Wednesday, on the back of sustained month-end demand for the US currency from importers and banks. Sentiments remained dampened with Grant Thornton’s latest International Business Report (IBR) stating that though business leaders in India remained largely positive, their level of optimism has dropped to its lowest level in four years. The rupee’s losses were also caused by late hour sell-off in domestic equity markets. However, losses were limited with rating agency ICRA’s expectations that gross value added (GVA) growth to rise by 50 basis points in 2018-19 to 7%, on the back of normal monsoon, a commitment towards fiscal consolidation at the Central and State level, and the commencement of broader efficiency gains related to Goods and Services Tax.
On the global front, dollar eased against a basket of currencies and fell against the euro on Wednesday in thin holiday trading, while a rally in commodity prices helped push the Canadian and Australian dollars to their highest levels in two months.
USDINR
Support 64.25 and Resistance at 64.50
Below 64.25 panic remain continue 64.10---63.95 else could its resistance level 64.50
Fresh buying can be initiate above 64.50
Trade with levels only.
GBPINR
Support at 86.00 and Resistance at 86.55
Break and sustain above 86.55 will take it to 86.80---87.00 mark else could touch its support level of 86.00
Fresh selling can be initiated below 86.00
EURINR
Support at 76.30 and Resistance at 76.80
Break and sustain above 76.80 will take it to 77.30—77.50 mark else could touch its support level of 76.30
Fresh selling can be initiated below 76.30
JPYINR
Support at 56.70 and Resistance 57.00
Break and sustain above 57.00 will take it to 57.30—57.50++ mark else could touch its support level of 56.70 again
Fresh selling can be initiated below 56.70
More will update soon!!!
