Currency Report 13th March 2018
Indian rupee closed 13 paise higher against the American Currency at 65.04 on Monday, on continued dollar selling by banks and exporters amid foreign capital inflows. Union commerce and industry minister Suresh Prabhu exuded confidence that India will become a $5 trillion economy in the next seven years, adding that India will be a bigger economy than China at some point of time positively impact the Income currency. The rupee opened at 64.94 and traded between 65.06 and 64.94 in intra-day trade. Mr. Prabhu also said that manufacturing sector would contribute $1 trillion, services sector $3 trillion and the rest would come from agriculture for the country to become a $5 trillion economy.
Finally, Dollar was weakened against a basket of currencies after the US jobs report dampened expectations of aggressive interest-rate hikes from the Federal Reserve.
Support at 65.00 and Resistance at 65.30
Below 65.00 panic will likely to continue till 64.80—64.50 else could touch its resistance level of 65.30
Fresh buying can be initiated above 65.30
Trade with levels only.
Support at 90.30 and Resistance at 90.60
Above 90.60 rally will likely to continue till 90.80—90.90 else could touch its support level of 90.30
Fresh Selling can be initiated below 90.30
Support at 80.20 and Resistance at 80.40
Below 80.20 panic likely to continue till 79.90—79.80 else could touch its resistance level of 80.40
Fresh buying can be initiated above 80.40
Support at 61.00 and Resistance at 61.30
Below 61.00 panic likely to continue till 60.80—60.70 else could touch its resistance level of 61.30
Fresh buying can be initiated above 61.30