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06/4/2018

Currency Report 6th April 2018

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On Thursday, Indian rupee strengthened against American Currency due to fresh selling of the US Currency by exporters and banks. Throughout the day rupee remained positive took support with the India Ratings and Research upgrading its India’s economic growth forecast to 7.4% for FY19 from 7.1% earlier forecast. RBI kept repo rate Unchanged at 6% in the First Monetary Policy committee meet of FY19 further improved the sentiments of market players. Dollar’s strength against supported the rupee. 


In the International Market, American Currency rose to a two- week high against a basket of major currencies due to investors reassessed the danger of a trade war between the China and United States.




   USDINR 



Support at 65.00 and Resistance at 65.30


Below 65.00 panic likely to continue till 64.70-64.50 else could touch its resistance level of 65.30


Fresh buying can be initiated above 65.30



GBPINR



Support at 91.10 and Resistance at 91.40


Below 91.10 panic likely to continue till 90.80—91.70 else could touch its resistance level of 91.40


Fresh buying can be initiated above 91.40



EURINR


Support at 79.70 and Resistance at 80.00


Below 79.70 panic likely to continue till 79.40—79.25 else could touch its resistance level of 80.00


Fresh buying can be initiated above 80.00



JPYINR


Support at 60.70 and Resistance at 60.90


Below 60.70 panic likely to continue till 60.50—60.40 else could touch its resistance level of 60.90


Fresh buying can be initiated above 60.90



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