Currency Report 19th December 2017
Indian rupee pared most of its early losses but still ended weaker against the American currency on Monday, due to fresh dollar demand from banks and importers. Investors failed to get some support with statement of an UN expert that India can achieve an 8% growth rate for the next two decades by promoting investment and improving the living conditions of its people. However, domestic unit recovered from early losses, as Prime Minister Narendra Modi-led BJP looked set to win key polls in Himachal Pradesh and Gujarat.
On the global front, dollar dipped against a basket of major currencies on Monday, on caution ahead of a vote in US Congress on tax reform, after the bill moved another step closer to ratification over the weekend.
USDINR
Support at 64.05 and Resistance at 64.40
Break and sustain below 64.05 will take it to 63.80—63.75 mark else could touch its resistance level of 64.40.
Fresh buying can be initiated above 64.40
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
Support at 75.50 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 75.50
JPYINR
Above 57.15 rally remain continue till 57.40—57.60+++ mark, else could touch its support level of 56.90.
Fresh selling can be initiated below 56.90
More will update soon!!!
