Currency Report 06th March 2018
On Monday Indian rupee succumbed to some dollar pressure, paired most of its early gains but still ended higher by 5 paise at 65.12, due to selling of dollar by banks, exporters and importers. Some support was taken by traders as Finance Minister Arun Jaitley’s gave statement that India would retain its position of fastest growing economy in the coming decades, like China did in the last three decades. US President Donald Trump revealed his plans to impose tariffs on imports of steel and aluminium this declaration create the panic in currency and financial markets worldwide. Foreign investors have pulled out more than Rs 11,000 crore stocks in February 2018 amid better opportunities in other emerging markets. Globally, US dollar fell against yen on Monday amid continued concerns over US protectionism.
Support at 65.10 and Resistance at 65.40
Below 65.10 panic likely to continue till 64.90—64.80 else could touch its resistance level of 65.40
Fresh buying can be initiated above 65.40
Trade with levels only.
Support at 90.10 and Resistance at 90.40
Trading in range either side breakout will decide further
Support at 80.30 and Resistance at 80.60
Above 80.60 rally likely to continue till 80.80—80.90 else could touch its support level of 80.30
Fresh selling can be initiated below 80.30
Support at 61.20 and Resistance at 61.50
Below 61.20 panic likely to continue till 60.90—60.80 else could touch its resistance level of 61.50
Fresh buying can be initiated above 61.50