Currency Report 27th December 2017
Indian rupee ended marginally lower against US dollar on Tuesday, due to fresh demand for the American currency from banks and importers. Trading sentiments remained subdued with report that foreign investors have pulled out Rs 7,300 crore from the country’s stock markets this month so far, primarily due to rising crude prices and widening fiscal deficit. However, the home unit managed to restrict fall, taking support from industry body ASSOCHAM's Year-Ahead Outlook report stating that Indian economy is likely to touch 7% growth in 2018 with the government policies tilting towards the country's stress-ridden rural landscape in the penultimate year before the 2019 general elections. Besides, last hour recovery in local equity markets, too aided the rupee to minimize its losses.
On the global front, dollar was steady in holiday-thinned trading on Tuesday, shrugging off upbeat Japanese economic data as most market participants have already closed their books for the year.
USDINR
Support 64.15 and Resistance at 64.35
Trading in range either side breakout with volumes will decide further.
Trade with levels only.
GBPINR
Support at 86.00 and Resistance at 86.25
Break and sustain above 86.25 will take it to 86.50—86.80++ mark else could touch its support level of 86.00
Fresh selling can be initiated below 86.00
EURINR
Support at 76.25 and Resistance at 76.55
Break and sustain above 76.55 will take it to 76.80—77.00++ mark else could touch its support level of 76.25
Fresh selling can be initiated below 76.25
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 57.00.
Fresh selling can be initiated below 56.70
More will update soon!!!
