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Home » Rupee near-record low due to slump in the Service sector. | Currency update
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Rupee near-record low due to slump in the Service sector. | Currency update

Currency Update

7th April 2020

 

Currency technical update for today

The rupee is trading near record low levels as the IHS Service market Index came data dropped to 49.3 from 57.5 in February. This is the impact of Novel Coronavirus, which will continue to contract the economy as the number of cases are on a rise.

 

Technical outlook: (April 2020)

 

Dollar Index

Dollar index has its support at 100.40 and resistance is seen at 101.00.

Break and sustain below 100.40 will take it to 99.50—99.00 levels or else it can touch its resistance level of 101.00 again.
Fresh buying can be done above 101.00.

Trade with levels only

 

JPYINR

Support is 69.90 Resistance is 70.70.

Break and sustain below 69.90 will take it to 69.20—68.50 levels else could touch its resistance level of 70.70 mark.

Fresh buying can be done on a close above 70.70.

Trade with levels only

 

EURINR

Support 82.30 Resistance is 82.80

Break and sustain below 82.30 will take it to 81.70—81.30 levels else could touch its resistance level of 82.80 mark.

Fresh buying can be done on a close above 82.80.

Trade with levels only

 

USDINR

Support is 76.20 Resistance is 76.80.

Break and sustain below 76.20 will take it to 75.60—75.00 levels else could touch its resistance level of 76.80 mark.

Fresh buying can be seen only above 76.80.

Trade with levels only

 

GBPINR

Support is 92.80 Resistance is 93.50.

Break and sustain below 92.80 will take it to 92.10—91.50 levels else could touch its resistance level of 93.50 mark.

Fresh buying can be done on a close above 93.50.

Trade with levels only

 

EURUSD

It has major support at 1.0800 and resistance is 1.0850.

Break and sustain above 1.0850 will take it up to 1.0920—1.0980 levels or else it can touch its support level of 1.0800 again.

Buy it on dips!

Trade with levels only

 

Click here to read our previous updates on major currency pairs.

 


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