FxWirePro: Indian rupee remains almost unchanged after RBI’s repo rate decision

• USD/INR is currently trading around 69.37 marks.
   
• It made intraday high at 69.40 and low at 69.29 marks.
   
• Intraday bias remains neutral for the moment.
   
• Key resistances are seen at 69.40, 69.52, 69.85, 70.20, 70.52, 70.85, 70.97, 71.23 and 71.51 marks respectively.

• On the other side, initial supports are seen 68.99, 68.49, 67.88 and 67.67 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India 06 June repo rate decrease to 5.75 % (forecast 5.75 %) vs previous 6 %.
   
• India 06 June reverse repo rate decrease to 5.5 % (forecast 5.5 %) vs previous 5.75 %.
   
• India 06 June cash reserve ratio stays flat at 4 % (forecast 4 %) vs previous 4 %.

We prefer to take long position on USD/INR only above 69.40, stop loss 69.10 and target of 69.85.