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FxWirePro: USD/INR hovers around 71.50 mark, RBI’s MPC meeting minutes in focus

  • USD/INR is currently trading around 71.60 marks.
     
  • It made intraday high at 71.60 and low at 71.41 marks.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 71.75 mark.
     
  • Key resistances are seen at 71.75, 71.97 and 72.23 marks respectively.
  • On the other side, initial supports are seen at 71.02, 70.72, 70.47 and 70.10 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 0.02 pct lower at 11,014.95 points while BSE sensex was trading 0.05 points higher at 37,350.78 points.

We prefer to take long position on USD/INR around 71.55, stop loss 71.40 and target of 71.75/71.97/72.23.

By Aarti Panchal
  • Market Data
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