USD/INR supported above 68.50 mark ahead of financial budget 2016
NSE Nifty was trading 0.23% higher at 7226 points while BSE Sensex was trading 0.20% higher at 23763 points. On the other side, Indian rupee is well supported above 68.50 marks. India is going to release financial budget…
NSE Nifty was trading 0.23% higher at 7226 points while BSE Sensex was trading 0.20% higher at 23763 points.
On the other side, Indian rupee is well supported above 68.50 marks.
India is going to release financial budget for the year 2016 on February 23.
USD/INR intraday bias remains bearish for the moment. Intraday trading range will remain in between 68.35 - 68.68 levels.
A daily close above 68.68 will turn the bias positive and take the parity back above 69.00 marks.
Alternatively, current downfall will drag the parity around minor support level at 68.18 levels.
Major resistance level fall at 68.68, 69.00 and 69.22 levels thereafter.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
