Currency Report 5th January 2018
Indian rupee ended higher against the dollar on Thursday, with the American currency coming under heavy selling by banks and exporters. Sentiment got up-beat with the survey report showing that activity in India's services industry bounced back to modest growth in December after contracting in the previous month, as new business orders stabilised and price increases slowed. The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 50.9 in December from 48.5 in November. Beside, dollar's weakness against other currencies overseas together with strong momentum in the domestic equity markets too supported the domestic unit.
On the global front, Sterling edged up against dollar on Thursday after surveys showed Britain’s dominant services sector rebounded strongly last month although investors remained cautious of pushing the British currency higher due to a lack of broad catalysts.
USDINR
Support at 63.45 and Resistance at 63.70
Below 63.45 panic will remain continue till 63.10-63.00 mark else it could its resistance level of 63.70
Fresh buying can be initiated above 63.70
Trade with levels only.
GBPINR
Support at 85.95 and Resistance at 86.35
Break and sustain above 86.35 will take it to 86.60—86.80 mark else could touch its support level of 85.35
Fresh selling can be initiated below 85.95
EURINR
Support at 76.45 and Resistance at 77.00
Trading in range either side breakout with volume will decide further.
JPYINR
Support at 56.30 and Resistance 56.70
Break and sustain below 56.30 will take it to 56.00—55.90 mark else could touch its resistance level of 56.70
Fresh buying can be initiated above 56.70
More will update soon!!!
