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FxWirePro: Indian rupee depreciates against U.S. dollar ahead of RBI’s monetary policy

  • USD/INR is currently trading around 67.76 marks.
     
  • It made intraday high at 67.79 and low at 67.61 marks.
     
  • Intraday bias remains neutral till the time pair holds key support at 67.55 mark.
     
  • Key resistances are seen at 67.91, 68.15, 68.26, 68.49, 68.63, 68.72, 68.85 and 69.52(August, 2013 high) marks respectively.
     
  • On the other side, initial supports are seen at 67.55, 67.22, 66.82, 66.68, 66.50, 66.28, 66.10, 65.95 and 65.81 marks respectively.
     
  • In addition, India’s NSE Nifty was trading around 0.19 percent higher at 8,158.25 points and BSE Sensex was trading at 0.22 percent higher at 26,441.57 points.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • RBI will release monetary policy at 0830 GMT.

We prefer to take short position in USD/INR around 67.85, stop loss 68.02 and target of 67.55/67.22.

  • Market Data
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