Currency Report 09th January 2018
Falling for the second consecutive session, Indian rupee depreciated against dollar on Tuesday, on increased demand for the US currency from importers. Sentiments remained down-beat with rating agency Crisil attributing the continuing slowdown to the impacts of the demonetization, GST implementation and weakness in agriculture, though it has maintained its FY19 growth estimate at 7.6 per cent on the low base. Some cautiousness also prevailed ahead of key economic data i.e. November IIP and December CPI data, scheduled to be released on January 12. However, a modest recovery in local equities capped the rupee fall to some extent.
On the global front, dollar dropped against yen on Tuesday after the Bank of Japan trimmed the amount of its buying of Japanese government bonds.
USDINR
Support 63.50 and Resistance at 63.90
Above 63.90 rally remain continue till 64.08—64.25 mark else could touch its support level of 63.50
Fresh selling can be initiated below 63.50
Trade with levels only.
GBPINR
Support at 86.10 and Resistance at 86.50
Break and sustain above 86.50 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 76.10 and Resistance at 76.35
Above 76.35 rally remain continue till 76.55—76.70++ mark else could touch its support level of 76.10
Fresh selling can be initiated below 76.10
JPYINR
Support at 56.40 and Resistance 56.90
Break and sustain above 56.90 will take it to 58.30—58.50++ mark else could touch its support level of 56.40.
Fresh selling can be initiated below 56.40
More will update soon!!!
