Currency Report 09th January 2018
Indian rupee ended weaker against dollar on Monday, on account of sustained demand for dollar from banks and importers. Sentiments remained dampened with the CSO’s first advance estimates of Gross Domestic Product (GDP) growth for current financial year which highlighted that the Indian economy is expected to grow at a slower 6.5% in 2017-18 compared to the 7.1% in 2016-17. According to CSO, the GDP at constant (2011-12) prices for 2017-18 is likely to attain a level of Rs 129.85 lakh crore. Besides, the dollar rose to a position of strength overseas too weighed on the rupee sentiment. Though, spectacular rally in domestic equities limited further depreciation of Indian currency.
On the global front, dollar inched higher against a basket of major peers on Monday as data showing slower US jobs growth did little to dent expectations for further Federal Reserve interest rate increases this year.
USDINR
Support 63.35 and Resistance at 63.70
Below 63.35 panic remain continue till 63.05—62.90 else could touch its resistance level of 63.70.
Fresh buying can be initiated above 63.70
Trade with levels only.
GBPINR
Support at 86.10 and Resistance at 86.45
Break and sustain above 86.45 will take it to 86.80—87.00++ mark else could touch its support level of 86.10
Fresh selling can be initiated below 86.10
EURINR
Support at 76.25 and Resistance at 76.55
Below 76.25 panic remain continue till 75.95—75.80 mark else could touch its resistance level of 76.55
Fresh buying can be initiated above 76.55
JPYINR
Support at 56.40 and Resistance 56.70
Break and sustain above 56.70 will take it to 58.00—58.30++ mark else could touch its support level of 56.40.
Fresh selling can be initiated below 56.40
More will update soon!!!
