Currency Report 12th March 2018
The rupee marginally lower against US dollar on weakened to 65.19 due to fresh demand for the American currency from banks and importers. Investors remained cautious with a private report that Indian retail inflation likely to stay above the Reserve Bank of India's target. But it also said that inflation may eased to a four-month low in February on softening prices for vegetable and other perishable foods. Selling was seen in the last hour of trade in the the domestic equity markets, too weighed on the rupee sentiment.
In international trade, US dollar inched up against yen on Friday amid eased geopolitical concerns after US President Donald Trump agreed to meet Kim Jong Un, top leader of the Democratic People's Republic of Korea (DPRK) and also had strengthened against the euro after European Central Bank President Mario Draghi signaled that any policy normalization in the euro zone would be very gradual and President Trump formally announced tariffs on steel and aluminum imports.
Support at 65.00 and Resistance at 65.30
Below 65.00 panic likely to continue till 64.80—64.50 else could touch its resistance level of 65.30
Fresh buying can be initiated above 65.30
Trade with levels only.
Support at 90.00 and Resistance at 90.30
Above 90.30 rally will likely to continue till 90.50—90.60 else could touch its support level of 90.00
Fresh Selling can be initiated below 90.00
Support at 80.20 and Resistance at 80.50
Below 80.20 panic likely to continue till 79.90—79.80 else could touch its resistance level of 80.50
Fresh buying can be initiated above 80.50
Support at 61.00 and Resistance at 61.30
Below 61.00 panic likely to continue till 60.80—60.70 else could touch its resistance level of 61.30
Fresh buying can be initiated above 61.30