FxWirePro: Indian rupee opens almost flat at 66.29 against US dollar, good to buy on dips

• USD/INR is currently trading at 66.32 marks.
   
• It made intraday high at 66.34 and low at 66.26 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 66.17 levels.
   
• A daily close below 66.17 will drag the parity down towards 66.02, 65.96 and 65.67 levels thereafter.  
   
• Alternatively, reversal from 66.17 will take the parity up around key resistances at 66.39/66.48/66.86/67.18 levels respectively.
   
• Today India will release Nikkei Markit Manufacturing PMI data at 0500 GMT. Market anticipates the reading at 51.5 m/m vs 51.1 m/m previous release.
   
• Moreover, RBI will announce interest rate decision on April 5. This will provide further direction to the parity.

We prefer to take long position in USD/INR around 66.32, stop loss 66.08 and target 66.60 marks.