Currency Report 18th December 2017
Continuing its winning run for the second straight session, Indian rupee ended significantly higher against dollar on Friday, due to sustained selling of the US currency by exporters and banks. Traders took encouragement with exit polls indicating both Himachal Pradesh and Gujarat going in favor of ruling BJP. Exit polls conducted by various polling agencies for news channels have predicted that BJP would retain Gujarat with a reduced margin of seats in the 182-member assembly, though one of them predicted a sweep. Some cheer also spread among the investors with the International Monetary Fund (IMF), which is slated to come out with an update of its projections of India’s growth rate along with the rest of the world in January, sees benefits in the medium-term from the demonetization exercise which India carried out about a year ago. That apart, the rupee derived its strength from strong gains in the local equity markets as well as strength of other Asian currencies against dollar.
On the global front, dollar slipped to a nine-day low against yen on Friday, after wrangling in the United States Congress over a bill to change the tax code dented confidence that the reforms would be pushed through in their current state.
USDINR
Support at 64.05 and Resistance at 64.40
Break and sustain above 64.40 will take it to 64.80—65.00++ mark else could touch its resistance level of 64.05.
Fresh selling can be initiated below 64.05
Trade with levels only.
GBPINR
Support at 85.65 and Resistance at 86.00
Break and sustain below 85.65 will take it to 85.30—85.10 mark else could touch its resistance level of 86.00 mark.
Fresh buying can be initiated above 86.00
EURINR
Support at 75.55 and Resistance 75.90
Break and sustain above 75.90 will take it to 76.40—76.70++ mark else could touch its support level of 75.50 mark.
Fresh selling can be initiated below 75.55
JPYINR
Above 57.35 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!!!
