Currency Report 8th January 2018
Indian rupee pared some of early gains to end marginally higher against dollar on Friday, due to some dollar demand from importers and corporates. Sentiments were positive with credit rating agency Fitch ratings in its latest report expressed optimism about India’s medium-term economic prospects and said it would outstrip China’s growth. Besides, good gains in domestic equity markets too supported the domestic unit. Though, the dollar’s recovery against some currencies overseas capped the rupee’s gain.
The government forecast economic growth slowing to 6.5% in the year to 31 March from 7.1% in the previous year. The forecast released by the Central Statistics Office (CSO) assumes that the economy is on a recovery path. The economy grew at 6% in the six months ended 30 September, indicating that it will accelerate to 7% in the second half ending 31 March, if the forecast is to come true.
On the global front, Sterling steadied against dollar and euro on Friday, ending the week at much the same levels it started it at, with traders keen to see new developments on Brexit negotiations before taking on new positions on the British currency.
USDINR
Support at 63.45 and Resistance at 63.70
Below 63.45 panic will remain continue till 63.10--62.90 mark else it could its resistance level of 63.70
Fresh buying can be initiated above 63.70
Trade with levels only.
GBPINR
Support at 85.95 and Resistance at 86.35
Break and sustain above 86.35 will take it to 86.60—86.80 mark else could touch its support level of 85.35
Fresh selling can be initiated below 85.95
EURINR
Support at 76.45 and Resistance at 76.80
Break and sustain below 76.45 will take it to 76.10—76.00 and then to 75.85 else could touch its resistance level of 76.80
Fresh buying can be initiated above 76.80
JPYINR
Support at 56.10 and Resistance 56.45
Break and sustain below 56.10 will take it to 55.70—55.50 mark else could touch its resistance level of 56.45
Fresh buying can be initiated above 56.45
More will update soon!!!
