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As better monsoon news hit market and US Federal Reserve delayed rate hike further into the future, Indian Rupee (INR) is having a great time past three days.
- Indian Rupee appreciated against dollar 0.28% today so far. INR strengthened for third consecutive days as Dollar fell from 64.3 to 63.54 against Rupee.
- Yen on other hand remains vulnerable against dollar and most likely to remain bound above 122 against dollar. As of now Yen is trading at 123.1 against dollar.
Bank of Japan maintained its stance of easing today of buying ¥ 80 trillion per annum. Reserve Bank of India (RBI) on the other hand pursuing more restrained easing as of now.
While INR might strengthen against Euro, Pound, Dollar, Yen remains better pair to trade since event risk remains low associated to this pair.
Yen is currently trading at 0.516 against INR, short position can be entered with stop of 0.521. Initial target is around 0.508.
