⁠⁠⁠⁠⁠Currency Report 29th Aug 2017

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!!

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Currency Report 24th Aug 2017

Rupee ends marginally weak against dollar on Wednesday

Indian rupee ended marginally weaker against the American Currency on Wednesday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Investors remained concerned with rating agency ICRA’s latest report which has estimated that India’s gross value added (GVA) growth is likely to slow down to 6.3% in April-June quarter (Q1) of fiscal year 2017-18 from 7.6% in the same period of pervious year. However, dollar's weakness against other currencies overseas and strong domestic equity market restricted the rupee’s losses. On the global front, dollar edged down against the yen on Wednesday after US President Donald Trump raised the spectre of a government shutdown to fulfil a campaign pledge, but overall moves among major currencies were limited ahead of this week's Jackson Hole global central bankers' conference.

USDINR

Support at 64.00 and Resistance at 64.25

Break and sustain below 64.00 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

We clearly indicated GBPINR looks weak below 82.40… Just made low of 82.40 mark.

Now what to expect??

Support at 81.80 and Resistance at 82.30

Trend looks weak , Break and sustain below 81.80 will take it to 81.50—81.30 mark, else could touch its resistance level of 82.30.

Fresh buying can be initiated above 82.30

EURINR

Support at 75.30 and Resistance at 75.75

Trading in range either side breakout with volumes will decide further.

JPYINR

Support at 58.50 and Resistance at 58.75

Break and sustain above 58.75 will take it to 58.90—59.10 and then to 59.30++ mark else could touch its support level 58.50

Fresh selling can be initiated below 58.50

Trade with levels only.

More will update soon!!

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Currency Report 4th Aug 2017

Rupee rises to highest level vs dollar since july 2015…

The rupee has been one of the best performing currencies in the world, surging over 6 % year-to-date against the US dollar. Traders attributed the gains to heavy selling of dollars by foreign banks, with the Reserve Bank of India's decision to cut interest rates on Wednesday having only a limited impact. Reserve Bank of India (RBI) decided to cut its key policy rate, or the repo rate, by 25 bps to 6%, which was in line with market expectations. Some encouragement also came with Minister of State for Finance Santosh Kumar Gangwar’s statement that the government has collected over Rs 1.80 lakh crore in direct tax till July 15 in the current fiscal, an increase of 21.4% year-on-year, 'belying' fears of slowdown in economic activities. On the global front, dollar was near 15-month lows against a currency basket on Wednesday as investors turned their attention to key economic events this week, particularly Friday’s US jobs report for July.

USDINR

Support at 63.55 and Resistance at 64.00

Looks weak. Break and sustain below 63.55 will take it to 63.40—63.22 and then to 63.10 mark else could touch its resistance level of 64.00 again.

Fresh buying can be initiated above 64.00

GBPINR

Support at 83.80 and Resistance at 84.35

Trend looks weak, Break and sustain below 83.80 will take it to 83.55—83.35 else could touch its resistance level of 84.35 mark.

Fresh buying can be initiated above 84.35

EURINR

Support at 75.60 Resistance at 76.00

 Below 75.60 it can touch 75.30—75.10 mark else could touch its resistance level of 76.00 mark

Fresh buying can be initiated above 75.95

JPYINR

Support at 57.65 and Resistance at 58.10

Break and sustain above 58.10 will take it to 58.30—58.45 mark else could touch its support level of 57.65

Fresh selling can be initiated only below 57.65.

Trade with levels only.

More will update soon!!

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