Currency Report 20th December 2017
Indian rupee ended higher against the dollar on Tuesday, with the American currency coming under heavy selling by banks and exporters. Sentiment got up-beat with the private report highlighting brighter growth prospects for India by FY20 and beyond. The report also stated that India’s growth prospect is likely to see a slowdown in the next two years followed by recovery in the medium term, with 2019-20 GDP expected at around 7.6%. Optimism remained among the investors with Union Finance Ministry’s latest report stating that overall fundamentals of the economy remained strong in the current financial year, on the back of firm macroeconomic indicators, improvement in World Bank's ease of doing business ranking and sovereign rating upgrade by Moody’s. Besides, gains in the local equity markets for the four consecutive sessions along with dollar’s slide against some currencies overseas, too supported the rupee surge.
On the global front, euro rose slightly against dollar on Tuesday, as investors took a cautious view over how much tax reforms, if passed, would boost the US economy.
USDINR
Support at 63.95 and Resistance at 64.30
Break and sustain below 63.95 will take it to 63.75—63.50 mark else could touch its resistance level of 64.30.
Fresh buying can be initiated above 64.30
Trade with levels only.
GBPINR
Support at 85.65 and Resistance at 86.10
Break and sustain above 86.10 will take it to 86.50—85.80++ mark else could touch its support level of 85.65 mark.
Fresh selling can be initiated below 85.65
EURINR
Above 75.90 rally remain continue till 76.40—76.70++ mark else could touch its support level of 75.50 mark.
Fresh selling can be initiated below 75.50
JPYINR
Support at 56.65 and Resistance 56.95
Break and sustain below 56.65 will take it to 56.45—56.30 mark else could touch its resistance level of 56.95 mark.
Fresh buying can be initiated above 56.95
More will update soon!!!
