Currency Report 3rd January 2018
Indian rupee continued its strong recovery momentum for the fourth consecutive day and ended at a fresh five-month high on Tuesday, on sustained selling of the American currency by exporters and banks. Sentiments got up-beat with report that the eight core industries growing by 6.8% in November 2017, compared to the production during November 2016. The growth in November was driven by a 16.6% increase in steel production over November 2016. Additional support also came with report that the Nikkei India Manufacturing Purchasing Managers’ Index, or PMI, rose to a 5 year high of 54.7 in December from 52.6 in November. The survey highlighted that strong business performance was underpinned by the fastest expansions in output and new orders since December 2012 and October 2016 respectively. Besides, dollar losing sheen against some other currencies overseas also supported the local unit.
On the global front, euro climbed to a four-month high against a broadly weaker dollar on Tuesday, the first trading day of 2018, on optimism over a brightening economic picture in the euro zone.
USDINR
Support at 63.60 and Resistance at 63.90
Below 63.60 panic will remain continue till 63.45-63.30 mark else it could its resistance level of 63.90.
Fresh buying can be initiated above 63.90
Trade with levels only.
GBPINR
Support at 86.35 and Resistance at 86.80
Break and sustain above 86.80 will take it to 87.10—87.40 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 77.00
Trading in range either side breakout with volume will decide further.
JPYINR
Support at 56.70 and Resistance 56.90
Break and sustain below 56.70 will take it to 56.40—56.25 mark else could touch its resistance level of 56.90
Fresh buying can be initiated above 56.90
More will update soon!!!
