The Indian rupee strengthened for a third session and closed at a five-month high against the US dollar on the first day of 2018 year on Monday. The home currency ended at 63.68 a dollar—a level last seen on 8 August, up 0.33% from its Friday’s close of 63.87.The rupee opened at 63.86 a dollar and touched a high of 63.63.In the year 2017, the rupee gained 6.35% and Sensex rose 28%, while foreign institutional investors have bought $7.73 billion and $23.27 billion in equity and debt, respectively.
Fundamental News: – upcoming
• United Kingdom Markit Manufacturing PMI came in at 56.3, below expectations (58) in December.
• Austria Unemployment up to 378.7K in December from previous 326.9K.
• European Monetary Union Markit Manufacturing PMI meets expectations (60.6) in December.
USDINR pair was continuously in down trend after breaching its support zone and closed the session with loss. Now, it has important support level of 63.5000 if it sustain below this then more selling can be seen where as 64.0000 is psychological resistance level.
EURINR pair was in bullish trend and hover near to its important resistance level, closed the day with gain. Now, 77.0000 is psychological resistance level if it manages to hold above this mark then it can go towards next resistance of 77.3000 whereas 76.4000 is support level.
GBPINR pair was not able to manage its higher level and came down closed with negative note. This pair has crucial support zone of 86.0000 below this more selling may be witness. On upper side 86.7000 act as an important resistance mark.
JPYINR pair open with gap down recovered from its lower level but closed the session with loss. 56.5000 acts as crucial support zone below this more selling may be expected. On upper side 57.2000 is important resistance mark.
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