Currency Levels Update 16th Feb 2018
Exhibiting strength against the dollar for the third straight day, Indian rupee ended higher on Thursday on continued selling of the greenback. Sentiments remained optimistic on report that Inflation based on wholesale prices eased to a six-month low of 2.84% in January on cheaper food articles even as vegetable prices continued to rule high. Calculated on the basis of Wholesale Price Index (WPI), the inflation was 3.58% in December 2017 and 4.26% in January 2017. Some support also came with private report stating that the RBI’s revised framework for quicker and time-bound resolution of stressed assets is a long-term positive for banks. The report stated that the new framework has the potential to bring about a big change in the approach of banks to monitor their exposures and resolution of NPAs. Besides, a muted show by the dollar against other currencies overseas also supported the rupee’s uptrend.
On the global front, dollar lost further ground against yen on Thursday, hitting new 15-month lows, after US consumer price data for January fueled worries about accelerating inflation in the country.
USDINR
Support at 63.90 and Resistance at 64.20
Below 63.90 panic remain continue till 63.70—63.60 else could touch its resistance level of 64.20
Fresh buying can be initiated above 64.20
Trade with levels only.
GBPINR
Support at 90.00 and Resistance at 90.35
Above 90.35 rally likely to continue till 90.80—91.20 mark else it could touch its support level of 90.00 again
Fresh selling can be initiated below 90.00
EURINR
Support at 80 and Resistance at 80.60
Above 80.25 rally likely to continue till 80.45—80.60 mark
Fresh selling can be initiated below 80.00
JPYINR
Support at 60.00 and Resistance at 60.30
Above 60.30 rally likely to continue till 60.50—60.60 else could touch its support level of 60.00
Fresh selling can be initiated below 60.00
More Will update soon!!
