Currency Report 21st December 2017
Indian rupee depreciated against the US dollar on Wednesday, hurt by fresh demand for the American currency from importers. Sentiments remained down-beat with Federation of Indian Chambers of Commerce and Industry’s (FICCI’s) latest quarterly survey indicating that manufacturing sector outlook is slightly less optimistic in third quarter of the current fiscal year (Q3), pointing to factors like rupee appreciation, subdued demands along with issues related to GST regime. Some cautiousness also crept in ahead of the release of the minutes from the Reserve Bank of India’s policy meeting earlier this month in which the policy rate was kept unchanged. Besides, poor performance of the domestic equity market, too affected the rupee.
On the global front, dollar rose against yen on Wednesday, after the US Senate passed a tax reform bill which would slash income taxes for corporates and individuals while widening US budget deficit and income inequality.
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 85.50 and Resistance at 86.05
Break and sustain below 85.50 will take it to 85.10—85.00 and then to 84.80 mark else could touch its resistance level of 86.05.
Fresh buying can be initiated above 86.05.
EURINR
Hurdle at 76.10 …..Above 76.10 rally remain continue till 76.50—76.70++ mark else could touch its support level of 75.80 mark.
Fresh selling can be initiated below 75.80
JPYINR
Support at 56.45 and Resistance 56.80
Break and sustain below 56.45 will take it to 56.00—55.80 mark else could touch its resistance level of 56.80 mark.
Fresh buying can be initiated above 56.85
More will update soon!!!
