Currency Report 29th December 2017
Snapping two day falling streak, Indian rupee bounced back against the Greenback on Thursday, on the back of fresh dollar selling by exporters and some banks. Traders took some support with report that the capital markets regulator, Securities and Exchange Board of India (SEBI) is likely to ease entry norms for FPIs willing to invest in the Indian markets. It may ease some rules, including expanding the eligible jurisdictions for registration by including countries with diplomatic tie-ups with India. Besides, the dollar losing muscle against other currencies overseas, largely supported the rupee’s recovery. However, gains were limited as some concern came with the government decision to make additional borrowing of Rs 50,000 crore this fiscal through dated securities, a move that may put burden on the fiscal deficit target of 3.2 percent of GDP.
On the global front, dollar slipped to a four-week low against a basket of currencies on Thursday, kept under pressure by a recent dip in US 10-year bond yields.
USDINR
Support at 64.25 and Resistance at 64.50
Below 64.25 Panic will remain continue till 64.10-63.90 mark else it could its resistance level of 64.50.
Fresh buying can be initiated above 64.50
Trade with levels only.
GBPINR
Support at 86.35 and Resistance at 86.65
Break and sustain above 86.65 will take it to 87.00—87.10++ mark else could touch its support level of 86.35
Fresh selling can be initiated below 86.35
EURINR
Support at 76.50 and Resistance at 76.90
Break and sustain above 76.90 will take it to 77.30—77.50++ mark else could touch its support level of 76.50
Fresh selling can be initiated below 76.50
JPYINR
Support at 56.75 and Resistance 57.20
Break and sustain above 57.20 will take it to 57.60—57.80++ mark else could touch its support level of 56.75
Fresh selling can be initiated below 56.75
More will update soon!!!
