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FxWirePro: Indian rupee falls against U.S. dollar as India’s manufacturing PMI stays flat

  • USD/INR is currently trading around 65.80 marks.
     
  • It made intraday high at 65.85 and low at 65.72 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 65.44 marks.
     
  • Key resistances are seen at 65.98, 66.20, 66.46, 66.68 and 66.79 marks respectively.
     
  • On the other side, initial supports are seen at 65.72, 65.44, 65.26, 65.12, 64.82, 64.64, 64.53 and 64.29 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 0.61 percent higher at 9,848.55 points and BSE Sensex was trading at 0.55 percent higher 31,455.10 points.
     
  • India September Nikkei Markit manufacturing PMI stays flat at 51.2 (forecast 51.9) vs previous 51.2.

We prefer to take long position in USD/INR around 65.75, stop loss at 65.48 and target of 65.98/66.07.

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