FxWirePro: Indian rupee remains highly volatile after RBI’s interest rate decision
USD/INR is currently trading around 74.85 marks. It made intraday high at 75.16 and low at 74.21 marks. Intraday bias remains bearish for the moment. Key resistances are seen at 75.20, 75.80, 76.40, 77.41, 77.78, 78.12, …
It made intraday high at 75.16 and low at 74.21 marks.
Intraday bias remains bearish for the moment.
Key resistances are seen at 75.20, 75.80, 76.40, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.
On the other side, initial supports are seen at 73.74, 73.58, 73.00 and 72.58 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
India’s NSE was trading 0.18 pct higher at 8,653.75 points and BSE Sensex was trading 0.80 pct higher at 29,748.88 points.
RBI cuts repo rate by 75 basis points to 4.4 pct.
RBI reduces reverse repo by 90 basis points to 4.0 pct.
CRR reduced by 100 basis points to 3 pct for 1 year to release rupee1.37 lakh crores.
We prefer to take long position on USD/INR only above 75.16, stop loss at 74.20 and target of 76.40.
