FxWirePro: Indian rupee recovers from 3 –month high against US dollar, Service PMI data in focus

• USD/INR is currently trading at 66.50 marks.
   
• It made intraday high at 66.53 and low at 66.38 levels.
   
• Intraday bias remains bullish for the moment.  
   
• A daily close below 66.07 will drag the parity down towards 66.02, 65.96 and 65.67 levels thereafter.  
   
• Alternatively, reversal from 66.07 will take the parity up around key resistances at 66.52/66.86/67.18 levels respectively.
   
• Yesterday RBI cut interest rate by 0.25bp to 6.5% from 6.75%. In addition RBI left CRR ratio unchanged at 4.00% but increased the reverse repo rate to 6.00 % from 5.75%.

We prefer to take long position in USD/INR around 66.50, stop loss 66.32 and target 66.86 levels.