Currency Report 1st January 2018
Extending its previous session’s gains, Indian rupee concluded last trading session of Calendar Year (CY) 2017 on an upbeat note on Friday, as exporters and banks intensified selling of the US currency. Rupee throughout the day remained positive, taking support with a private report that consumer confidence in India is likely to remain high over the next six months with a very optimistic outlook. Some comfort was also came with Securities and Exchange Board of India’s (SEBI's) decision to relax entry norms for Foreign Portfolio Investors (FPIs) willing to invest in the Indian markets. Besides, good going in the local equity markets, also aided the local currency to gain more ground. On the global front, dollar slipped to its lowest in more than three months against a basket of major currencies on Friday, as the euro and sterling climbed, putting the greenback on track for an almost 10 percent fall over the year - its worst showing since 2003.
According to the latest report from the Reserve Bank of India (RBI), the country’s forex reserves increased by $3,536.0 million to $404.921 billion during the week ended December 22, 2017. The increase in valuation of Foreign Currency Assets in the IMF pulled the forex kitty higher during the reporting week.
Valuation of foreign currency assets increased by $3,773.8 million in the week and stood at $380.680 billion, while the value of gold in the reserves increased by $12.6 million and stood at $20.716 billion during the week.
USDINR
Support at 63.95 and Resistance at 64.25
Below 63.95 Panic will remain continue till 63.80-63.65 mark else it could its resistance level of 64.25.
Fresh buying can be initiated above 64.25
Trade with levels only.
GBPINR
Support at 86.35 and Resistance at 86.65
Break and sustain above 86.65 will take it to 87.00—87.10++ mark else could touch its support level of 86.35
Fresh selling can be initiated below 86.35
EURINR
Support at 76.60 and Resistance at 76.90
Break and sustain above 76.90 will take it to 77.30—77.50++ mark else could touch its support level of 76.60
Fresh selling can be initiated below 76.60
JPYINR
Support at 56.80 and Resistance 57.20
Break and sustain above 57.20 will take it to 57.60—57.80++ mark else could touch its support level of 56.80
Fresh selling can be initiated below 56.80
More will update soon!!!
