Currency Report 14th March 2018
Indian rupee extended its gains for the second continuous day, ended stronger against dollar on Tuesday, due to selling of greenback by banks and importers. Market participants got some comfort with data indicating that India’s industrial output surged to 7.5% in the month of January 2018, as compared to 3.5% in the same month of the previous year and 7.1% in December 2017, while the retail inflation cooled down to a 4-month low of 4.44% in the month of February 2018, as compared to 5.07% in January. Traders also took some support with Minister of state for commerce and industry C.R. Chaudhary’s statement that the inflow of Foreign Direct Investment (FDI) into India has reached to $208.99 billion during April 2014 to December 2017 period. Though, dollar’s strength against other currencies overseas limited further appreciation of Indian currency.
On the global front, dollar was moving higher against rivals on Tuesday, as investors watched out for a potentially market-moving update on US consumer prices.
Support at 64.80 and Resistance at 65.20
Below 64.80 panic will likely to continue till 64.50—64.30 else could touch its resistance level of 65.20
Fresh buying can be initiated above 65.20
Trade with levels only.
Support at 90.70 and Resistance at 91.00
Above 91.00 rally will likely to continue till 91.30—91.40 else could touch its support level of 90.70
Fresh Selling can be initiated below 90.70
Support at 80.50 and Resistance at 80.70
Above 80.70 rally will likely to continue till 81.00—81.10 else could touch its support level of 80.50
Fresh Selling can be initiated below 80.50
Support at 60.90 and Resistance at 61.20
Above 61.20 rally will likely to continue till 61.50—61.60 else could touch its support level of 60.90
Fresh Selling can be initiated below 60.90