FxWirePro: Indian rupee reverses previous gain against euro after RBI’s interest rate decision

• EUR/INR is currently trading around 77.86 mark.
   
• It made intraday high at 78.11 and low at 77.69 mark.
   
• Intraday bias remains neutral till the time pair holds key support at 77.98 mark.
   
• A daily close above 77.98 will drag the parity up towards key resistance around 78.23, 78.75, 79.30, 79.63 and 80.45 marks respectively.
   
• Alternatively, a sustained close below 77.98 will take the parity down towards key supports around 77.73, 77.12, 76.82 and 76.12 marks respectively.
   
• India’s repo rate stands at 5.15 pct vs 5.40 pct previous release.
   
• India’s reverse repo rate stands at 4.90 pct vs 5.15 pct previous release.
   
• India’s CRR stands at 4.00 pct vs 4.00 pct previous release.

We prefer to go long on EUR/INR only above 78.10, stop loss at 77.62 and target of 78.75/79.30.