Currency Report of 12th December 2017
Currency Report 12th December 2017
Rising for the second straight day, Indian rupee ended marginally higher against dollar on Monday, owing to dollar sale by exporters and banks. Traders took support with CII’s Business Confidence Index climbing to 59.7 during October-December 2017, against 58.3 in the previous quarter, as reform measures such as the Goods and Services Tax instilled optimism in India Inc. Some optimism also came with data showing that direct Tax collections, which comprise personal income and corporate tax, surged 14.4 percent to Rs 4.8 lakh crore in the first eight months ending November 2017, mainly on account of income tax mop-up from individuals. However, gains were limited as some caution lingered in the market ahead of release of crucial macro-economic data- October IIP and November CPI data, which are scheduled to be released tomorrow.
On the global front, dollar edged lower on Monday on disappointing US wages data that analysts said could weigh on the pace of interest rate hikes from the Federal Reserve next year.
Support at 64.40 and Resistance at 64.70
Below 64.40 panic remain continue till 64.10—64.00 else could touch resistance level of 64.70.
Fresh buying can be initiated above 64.70
Trade with levels only.
Support at 86.00 and Resistance at 86.40
Break and sustain below 86.00 will take it to 85.70—85.50 mark else could touch its resistance level of 86.40.
Fresh buying can be initiated above 86.40.
Support at 75.85 and Resistance 76.20
Break and sustain above 76.20 will take it to 76.60—76.80 mark else could touch its support level of 75.85
Fresh selling can be initiated below 75.85
Support at 56.75 and resistance at 56.95
Break and sustain above 56.95 will take it to 57.30—57.50+++ mark, else could touch its support level of 56.75.
Fresh selling can be initiated below 56.75
More will update soon!!!