Currency Report 9th March 2018
The rupee weakened against the US dollar on Thursday slipped 25 paise to end at 65.14 due to increased demand for the US currency from importers amid foreign fund outflows. The Indian currency opened 2 paise down at 64.91 and traded in the range of 65.14 and 64.89 in intra-day trade. Overall, the dollar recovered ground on Thursday and there were increased demand of US currency from importers drawing relief from positive labour market data and the White House saying Canada and Mexico, and possibly other countries, may be exempted from planned US import tariffs on steel and aluminum put pressure on the rupee.
Finally, the rupee ended at 65.14, 25 paise weaker from its previous close of 64.89 on Wednesday. The currency touched a high and low of 65.14 and 64.89 respectively.
Support at 65.00 and Resistance at 65.30
Above 65.30 rally will likely to continue till 65.50—65.70 else could touch its support level of 65.00
Fresh Selling can be initiated below 65.00
Trade with levels only.
Support at 90.10 and Resistance at 90.30
Below 90.10 panic likely to continue till 89.90—89.80 else could touch its resistance level of 90.30
Fresh buying can be initiated above 90.30
Support at 80.30 and Resistance at 80.70
Below 80.30 panic likely to continue till 80.00—79.90 else could touch its resistance level of 80.70
Fresh buying can be initiated above 80.70
Support at 61.10 and Resistance at 61.40
Below 61.10 panic likely to continue till 60.90—60.80 else could touch its resistance level of 61.40
Fresh buying can be initiated above 61.40