Currency Report 22nd JAN 2018
Indian rupee gave up most of its intraday gains and managed a modestly positive close on Friday, on back of selling of American currency by banks and exporters. Investors took support with the rating agency, Ind-Ra’s projection that the country's economic growth will improve to 7.1 percent in the next fiscal year 2018-19 from 6.5 percent in the current year 2017-18, supported by robust consumption demand and low commodity prices. Some support also came with Vice-President M Venkaiah Naidu’s statement that various decisions of the central government, including demonetisation and GST, are likely to have a positive impact in the coming years. Besides, splendid gains of local equities along with dollar’s slide against some currencies overseas, too supported the rupee.
The U.S. government shut down at midnight on Friday and it continues for today after Democrats and Republicans, locked in a bitter dispute over immigration and border security, failed to agree on a last-minute deal to fund its operations.
On the global front, dollar wallowed near three-year lows on Friday as heightened fears of a US government shutdown unnerved investors.
USDINR
Support at 63.75 and Resistance at 64.00
Above 64.00 rally remain continue till 64.30—64.50 else could touch its support level of 63.75
Fresh selling can be initiated below 63.75
Trade with levels only.
GBPINR
Support at 88.60 and Resistance at 88.90
Below 88.60 panic will remain continue till 88.40—88.20 else could touch its resistance level of 88.90
Fresh buying can be initiated above 88.90
EURINR
Support at 77.90 and Resistance at 78.40
Trading in range either side breakout with volume will decide further
JPYINR
Support at 57.40 and Resistance at 57.75
Above 57.75 rally remain continue till 58.00—58.10 else could touch its support level of 57.40
Fresh selling can be initiated below 57.40
More will update soon !!
