FxWirePro: Indian rupee trades marginally lower after RBI’s repo rate increase decision, faces strong support at 68.15 mark

• USD/INR is currently trading around 68.26 marks.
   
• It made intraday high at 68.30 and low at 68.16 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 68.15 mark.
   
• Key resistances are seen at 68.52, 68.75, 68.94, 69.05, 69.18, 69.52 and 69.88 marks respectively.
   
• On the other side, initial supports are seen at 68.15, 67.97, 67.79 and 67.59 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• India’s NSE Nifty was trading around 0.53 percent lower at 11,286.22 points while BSE Sensex was trading 0.58 points lower at 37,302.82 points.
   
• RBI repo rate increase to 6.5 % (forecast 6.5 %) vs previos 6.25 %.
   
• RBI reverse repo rate increase to 6.25 % (forecast 6.25 %) vs previous 6 %.

We prefer to take short position on USD/INR only below 67.98, stop loss at 68.52 and target of 67.59.