Currency Report 11th December 2017
Indian rupee snapped three-day declining trend and bounced back against the Greenback on Friday, on the back of fresh dollar selling by exporters and some banks. Sentiments remained optimistic with the private report stating that the Indian economy is expected to witness cyclical growth recovery, with real GDP growth likely to accelerate from 6.4 percent this year to 7.5 percent in 2018 and further to 7.7 percent in 2019. Moreover, smart rise in domestic shares too helped rupee to recover, but the dollar's strength against other currencies overseas restricted the further up move.
On the global front, pound rose against a host of currencies on Friday, after the European Commission declared that enough progress had been made in Brexit talks to move on to a second phase of negotiations.
USDINR
Support at 64.40 and Resistance at 64.70
Below 64.40 panic remain continue till 64.10—64.00 else could touch resistance level of 64.70.
Fresh buying can be initiated above 64.70
Trade with levels only.
GBPINR
Support at 86.40 and Resistance at 86.90
Break and sustain below 86.40 will take it to 86.00—85.90 mark else could touch its resistance level of 86.90.
Fresh buying can be initiated above 86.90.
EURINR
Support at 75.85 and Resistance 76.20
Break and sustain 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
Support at 56.80 and resistance at 57.15
Break and sustain below 56.80 will take it to 56.50-56.30 mark, else could touch its resistance level of 57.40.
Fresh buying can be initiated above 57.15
More will update soon!!!
