Currency Report 4th April 2018
On Tuesday, Indian rupee made a strong recovery against the buoyant US currency, surging by 17 paise on fresh bouts of dollar selling, due to selling of the US currency by exporters and banks and unfazed by escalating trade tensions between the US and China. A massive unwinding of dollar long positions by exporters and corporate predominantly lifted the forex sentiment. American Currency against other global currencies because of China has imposed extra tariffs on US products, escalating a dispute between two of the world’s biggest economies.
In the international market, Dollar rebounded from an early fall on concerns about US- China trade tensions in Tuesday, as foreign exchange market appeared to surge off worries that the dispute could damage global growth.
Support at 65.10 and Resistance at 65.30
Below 65.10 panic likely to continue till 64.80-64.60 else could touch its resistance level of 65.30
Fresh buying can be initiated above 65.30
Support at 91.50 and Resistance at 91.90
Above 91.90 rally will likely to continue till 92.30-92.50 else could touch its support level of 91.50
Fresh selling can be initiated below 91.50
Support at 80.00 and Resistance at 80.20
Below 80.00 panic likely to continue till 79.80—79.70 else could touch its resistance level of 80.20
Fresh buying can be initiated above 80.20
Support at 61.10 and Resistance at 61.30
Below 61.10 panic likely to continue till 60.90—60.80 else could touch its resistance level of 61.30
Fresh buying can be initiated above 61.30