Currency Report 01 March 2018
The rupee fell further on Wednesday by a steep 30 paise settled at three-month low of 65.17 against the US dollar, Cautiousness remained in the markets with report that growth in India’s factory activity slowed to a four-month low in February as new orders eased and weighed on output after manufacturers raised prices at the fastest pace in a year. The forex market sentiment turned highly fragile after the new Fed Chairman Jerome Powell gave a bullish assessment of the US economy during his first testimony before Congress.Traders also maintained cautious approach ahead of domestic economic data including December quarter gross domestic product (GDP) to be released yesterday.
According to government report GDP growth rate has been accelerated to 7.2% in last quarter ahead of china again. Finally USDINR settled at 65.17 at its lowest closing since November 16.
Hurdle 65.50…. Above 65.50 rally remain continue till 65.80—66.00 mark else could touch its support level of 65.20
Fresh selling can be initiated below 65.20
Support at 90.00 and Resistance at 90.30
Break and sustain below 90.00 will take it to 89.70—89.60 mark else could touch its resistance level of 90.30
Fresh buying can be initiated above 90.30
Support at 79.80 and Resistance at 80.10
Break and sustain below 79.80 will take it to 79.60—79.50 mark else could touch its resistance level of 80.10
Fresh buying can be initiated above 80.10
Hurdle at 61.30, Above 61.30 rally remain continue till 61.50—61.60 mark else could touch its support level of 61.00
Fresh selling can be initiated below 61.00