Rupee ends strong on sustained dollar selling
Indian rupee trimmed some of its early gains but still managed to end higher against the American currency on Monday, on continued dollar selling by banks and exporters. This is the second consecutive session when the rupee is traded higher against dollar. Traders remained optimistic with Niti Aayog’s statement that India has good prospects of achieving over 8 percent growth within 2-3 years and the chances of massive cut in the poverty rate in the upcoming decade are excellent. Besides, firm domestic equities along with dollar's weakness against other currencies overseas too gave the rupee some relief. On the global front, dollar hit 16-month lows against a basket of currencies on Monday as tropical storm Harvey pummelled the heart of the US energy sector and raised concerns about the economy.
USDINR
Support at 64.05 and Resistance at 64.25
Break and sustain below 64.05 will take it to 63.80—63.50 mark, else could touch its resistance level of 64.25
Fresh buying can be initiated above 64.25
GBPINR
Support at 82.60 and Resistance at 83.20
Above 83.20 rally remain continue till 83.50—83.80 mark else could touch its support level of 82.60 mark.
Fresh selling can be initiated below 82.60 mark.
EURINR
Support at 76.20 and Resistance at 76.50
Above 76.50 rally remain continue till 76.80—77.00++ mark else could touch its support level of 76.20.
Fresh selling can be initiated below 76.20
JPYINR
Support at 58.70 and Resistance at 59.00
Break and sustain above 59.00 will take it to 59.30—59.50++ mark else could touch its support level of 58.70
Fresh selling can be initiated below 58.70
Trade with levels only.
More will update soon!!
