Currency Report 2nd January 2018
Indian rupee continued its upward march for the third straight session on Monday, on persistent selling of the American currency by exporters. Investors even overlooked report that India’s fiscal deficit breached FY18 target at Nov-end by standing at 112% of Budget Estimates. The country’s fiscal deficit, the difference between government expenditure and revenue, stood at Rs 6.12 lakh crore for the period April-November 2017-18.
Though, heavy selling in last hour of trade in the domestic equity markets limited further appreciation of Indian currency. Meanwhile, investors awaiting December Manufacturing PMI data which is scheduled to be release on January 02, 2018.
USDINR
Support at 63.80 and Resistance at 64.05
Below 63.80... Panic will remain continue till 63.65---63.50 mark else it could its resistance level of 64.05.
Fresh buying can be initiated above 64.05
Trade with levels only.
GBPINR
Support at 86.35 and Resistance at 86.65
Break and sustain below 86.35 will take it to 86.00—85.80 mark else could touch its resistance level of 86.65
Fresh buying can be initiated above 86.65
EURINR
Support at 76.60 and Resistance at 76.90
Break and close above 76.90 will take to 77.20---77.50+++ mark in 76.60 mark
JPYINR
Support at 56.65 and Resistance 56.90
Break and sustain below 56.65 will take it to 56.30—56.05 mark else could touch its resistance level of 57.00
Fresh buying can be initiated above 57.00
More will update soon!!!
