Currency Report 12th January 2018
Indian rupee pared most of its early losses but still ended marginally weaker against the American currency on Thursday, due to fresh dollar demand from banks and importers. Sentiments remained down-beat with rating agency Care Ratings’ latest report that uptrend in crude oil price is likely to have a major impact on India's fiscal position. It further noted that higher prices of crude oil will increase the trade deficit and put pressure on the rupee. Investors remained cautious ahead of key economic data i.e. November IIP and December CPI data, scheduled to be released tomorrow. Moreover, the domestic currency was also weighed down by dollar's strengthen against some other currencies overseas.
On the global front, dollar edged higher against yen on Thursday, after comments by China’s foreign exchange regulator eased concerns that China may reduce its buying of US government bonds.
USDINR
Below 63.70 panic remain continue till 63.50—63.40 mark else could touch its resistance level of 64.00 mark.
Fresh buying can be initiated above 64.00
GBPINR
Support at 86.10—86.00 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—86.00
Fresh selling can be initiated below 86.00
EURINR
Support at 76.55 and Resistance at 76.80
Above 76.80 rally remain continue till 77.10—77.30++mark else could touch its support level of 76.55
Fresh selling can be initiated below 76.55
JPYINR
Hurdle at 57.30, Above 57.30 rally remain continue till 57.60—57.80++ mark else could touch its support level of 57.00.
Fresh selling can be initiated below 57.00
More will update soon!!!
