FxWirePro: Indian rupee appreciates as Moody upgrades Indian government bond

• USD/INR is currently trading around 64.96 marks.
   
• It made intraday high at 65.28 and low at 64.72 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 65.28 mark.
   
• Key resistances are seen at 65.28, 65.49, 65.72, 65.85, 65.98, 66.20, 66.46, 66.68 and 66.79 marks respectively.
   
• On the other side, initial supports are seen at 64.72, 64.61, 64.48, 64.38, 64.29 and 64.05 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• India’s NSE Nifty was trading around 1.11 percent higher at 10,327.70 points and BSE Sensex was trading at 1.02 percent higher 33,443.71 points.
   
• Moody's upgrades India's government bond rating to baa2 from BAA3; changes outlook to stable from positive.
   
• Moody's says also upgraded India's local currency senior unsecured rating to BAA2 from BAA3 and its short-term local currency rating to P-2 from P-3.‍​
   
• Moody's-raised India's long-term foreign-currency bond ceiling to BAA1 from Baa2, and long-term foreign-currency bank deposit ceiling to BAA2 from BAA3‍.

We prefer to take short position in USD/INR around 65.00, stop loss at 65.28 and target of 64.72/64.48.

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