Currency Report 9th Feb 2018
Indian rupee wiped off its early losses and ended a tad strong against dollar on Thursday, owing to sustained selling of the US currency by exporters and banks. Local currency got support with report that a sharp fall in oil prices eased investors’ concerns surrounding inflation and rising twin deficits. Besides, strong gains in the domestic equity markets also supported the rupee. However, dollar’s strength against major global currencies overseas restricted further up move. On the global front, dollar marched higher on Thursday, sending a key index of the US currency to a two-week high. The greenback continued to find support in optimism over a budget deal in Washington, D.C., and hopes for higher US interest rates.
Finally, the rupee ended at 64.25, 3 paise stronger from its previous close of 64.28 on Wednesday. The currency touched a high and low of 64.38 and 64.15 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.16 and for Euro stood at 78.74 on February 08, 2018. While the RBI’s reference rate for the Yen stood at 58.50, the reference rate for the Great Britain Pound (GBP) stood at 89.19. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
USDINR
Support at 64.40 and Resistance at 64.70
Above 64.70 rally likely to continue till 65.00—65.10 else could touch its support level of 64.20
Fresh selling can be initiated below 64.40
Trade with levels only.
GBPINR
Support at 89.70 and Resistance at 90.00
Above 90.00 rally likely to continue till 90.30—90.40 else could touch its support level of 89.70
Fresh selling can be initiated below 89.70
EURINR
Support at 78.80 and Resistance at 79.20
Above 79.20 rally likely to continue till 79.60—79.80 else could touch its support level of 79.00
Fresh selling can be initiated below 78.80
JPYINR
Support at 59.10 and Resistance at 59.30
Above 59.30 rally likely to continue till 59.50—59.60 else could touch its support level of 59.10
Fresh selling can be initiated below 59.10
More Will Update Soon!!
