FxWirePro: Indian rupee remains volatile after RBI’s interest rate decision

• USD/INR is currently trading around 71.40 marks.
   
• It made intraday high at 71.52 and low at 71.31 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 71.11 mark.
   
• Key resistances are seen at 71.70, 71.82, 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.11, 70.92, 70.74, 70.47, 70.32, 70.10, 69.76 and 69.48 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 was trading 0.09 pct higher at 12,053.40 points and BSE Sensex 0.17 points pct higher at 40,916.24 points.
   
• India’s CRR stands at 4.0 pct vs 4.00 pct previous release.
   
• India’s interest rate decision stands at 5.15 pct vs expected 4.9 pct (previous 5.15).
   
• India’s reverse repo rate stands at 4.9 pct vs 4.9 pct previous release (expected 4.65).

We prefer to take short position on USD/INR around 71.40, stop loss at 71.55 and target of 71.11/70.92 mark.