Currency Report 4th January 2018
Snapping its four-day winning streak, Indian rupee ended marginally weaker against dollar on Wednesday, due to demand for greenback by banks and importers. Investors remained sidelines ahead of services PMI data which is scheduled to be release on January 04, 2017. However, losses were limited as some support came with a private report stating that India’s growth rate is expected to accelerate over the coming year and are likely to improve further to 7.6% by 2019-20 as key sectors would revive from disruptions related to the implementation of GST and demonetization.
On the global front, dollar held near a four-month low on Wednesday, having declined nearly 3% in the last three weeks as investors cut positions before manufacturing data and minutes of a December US Federal Reserve meeting due later in the day.
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 86.30 and Resistance at 86.50
Below 86.30 panic remain continue till 86.00—85.80 else could touch its resistance level of 86.50
Fresh buying can be initiated above 86.50
EURINR
Support at 76.50 and Resistance at 76.90
Below 76.50 panic remain continue till 76.20-76.00 mark else could touch its resistance level of 76.90
Fresh buying can be initiated above 76.90
JPYINR
Support at 56.40 and Resistance 56.90
Break and sustain below 56.40 will take it to 56.00—55.80 mark else could touch its resistance level of 56.90
Fresh buying can be initiated above 56.90
More will update soon!!!
