FxWirePro: Indian rupee trades marginally lower despite higher than expected WPI inflation data

• USD/INR is currently trading around 67.62 marks.
   
• It made intraday high at 67.67 and low at 67.49 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 67.70 mark.
   
• Key resistances are seen at 67.70, 67.97, 68.10, 68.50, 68.68, 68.83 and 68.98 marks respectively.
   
• On the other side, initial supports are seen at 67.49, 67.38, 67.02, 66.82, 66.42, 66.30 and 66.16 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 0.48 percent lower at 10,803.80 points while BSE Sensex was trading 0.46 points lower at 35,576.88 points.
   
• India May WPI inflation yy increase to 4.43 % (forecast 3.76 %) vs previous 3.18 %.
   
• India May WPI fuel yy increase to 11.22 % vs previous 7.85 %.
   
• India May WPI manufacturing inflation increase to 3.73 % vs previous 3.11 %.
   
• India May WPI food index increase to 1.12 % vs previous 0.67 %.

We prefer to take short position in USD/INR only below 67.49 stop loss at 67.70 and target of 67.27/67.02.