Currency Report 5th Feb 2018
Indian rupee pared all of its gains and ended marginally weaker against dollar on Friday, on the back of heavy capital outflows from the domestic equity market. Investors remained worried with a report that India’s fiscal deficit, for nine months of Financial Year 2018, stands at Rs 6,20,949 crore, overshooting the budgeted estimate (BE) target by 113.6%. The government has estimated Rs 5,46,532 crore of fiscal deficit for FY18 which during the same period of the last year stood negative at 93.9%. Besides, the dollar rose to a position of strength overseas too made the rupee weaker.
On the global front, dollar ticked up against a basket of currencies, ahead of hotly anticipated US non-farm payrolls data later, which will be closely watched for clues on the outlook for US interest rates.
USDINR
Support at 64.20 and Resistance at 64.40
Sustain above 64.40 Rally likely to continue till 64.65—64.75 else could touch its support level of 64.20
Fresh selling can be initiated below 64.20
Trade with levels only.
GBPINR
Support at 90.90 and Resistance at 91.10
Below 90.90 panic likely to continue till 90.70—90.60 else could touch its resistance level of 91.10
Fresh buying can be initiated above 91.10
EURINR
Support at 80.20 and Resistance at 80.60
Below 80.20 panic likely to continue till 79.80—79.70 else could touch its resistance level of 80.60
Fresh buying can be initiated above 80.60
JPYINR
Support at 58.50 and Resistance at 58.70
Sustain above 58.70 rally likely to continue till 58.90—60.00 else could touch its support level of 58.50
Fresh selling can be initiated below 58.50
More Will Update Soon!!
