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16/4/2018

Currency Report 16th April 2018

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On Friday, Indian rupee strengthened by a further 6 paise against the US dollar on the back of positive macroeconomic data and upbeat local equities and sell of Dollar by banks and corporate. 

Market players took some support with the data showing that Industrial Production grew at faster rate of 7.1% in the month of February while retail Inflation softened to a five-month low of 4.28% in the month of March 2018. For the week, the Indian unit dropped sharply by a staggering 23 paise against the US dollar. 




USDINR 



Support at 65.20 and Resistance at 65.50


Above 65.50 rally will likely to continue till 65.80-66.00else could touch its support level of 65.20

 

Fresh selling can be initiated below 65.20




GBPINR




Support at 93.20 and Resistance at 93.50


Above 93.50 rally likely to continue till 93.80—93.90 else could touch its support level of 93.20


Fresh selling can be initiated below 93.20





EURINR




Support at 80.50 and Resistance at 80.80


Above 80.80 rally likely to continue till 81.10—81.20 else could touch its support level of 80.50


Fresh selling can be initiated below 80.50





JPYINR




Support at 60.80 and Resistance at 61.10


Above 61.10 rally likely to continue till 61.40—61.50 else could touch its support level of 60.80


Fresh selling can be initiated below 60.80





EURUSD



Support at 1.2310 and Resistance at 1.2360


Above 1.2360 rally likely to continue till 1.2390—1.2410 else could touch its support level of 1.2310


Fresh selling can be initiated below 1.2310




GBPUSD




Support at 1.4250 and Resistance at 1.4270


Above 1.4270 rally likely to continue till 1.4290—1.4300 else could touch its support level of 1.4250


Fresh selling can be initiated below 1.4250





USDJPY



Support at 107.20 and Resistance at 107.50


Below 107.20 likely to continue till 106.90—106.80 else could touch its resistance level of 107.50


Fresh buying can be initiated above 107.50


Trade with levels only.




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