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- USD/INR is currently trading around 74.85 marks.
- It made intraday high at 75.16 and low at 74.21 marks.
- Intraday bias remains bearish for the moment.
- Key resistances are seen at 75.20, 75.80, 76.40, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.
- On the other side, initial supports are seen at 73.74, 73.58, 73.00 and 72.58 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- India’s NSE was trading 0.18 pct higher at 8,653.75 points and BSE Sensex was trading 0.80 pct higher at 29,748.88 points.
- RBI cuts repo rate by 75 basis points to 4.4 pct.
- RBI reduces reverse repo by 90 basis points to 4.0 pct.
- CRR reduced by 100 basis points to 3 pct for 1 year to release rupee1.37 lakh crores.
We prefer to take long position on USD/INR only above 75.16, stop loss at 74.20 and target of 76.40.
