FxWirePro: Indian rupee trades marginally lower despite robust WPI inflation data

• USD/INR is currently trading around 68.51 marks.
   
• It made intraday high at 68.52 and low at 68.38 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 68.15 mark.
   
• Key resistances are seen at 68.58, 68.80, 68.99, 69.18, 69.52 and 69.88 marks respectively.
   
• On the other side, initial supports are seen at 68.15, 67.97, 67.79 and 67.59 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 around 0.26 percent lower at 10,834.22 points while BSE Sensex was trading 0.10 points lower at 36,521.82 points.
   
• India June WPI inflation yy increase to 5.77 % (forecast 4.93 %) vs previous 4.43 %.
   
• India June WPI food index increase to 1.56 % vs previous 1.12 %.
   
• India June WPI fuel yy increase to 16.18 % vs previous 11.22 %.
   
• India June WPI manufacturing inflation increase to 4.17 % vs previous 3.73 %.
   
• India June WPI food articles yy decrease to -1.72 % vs previous 1.6 %.

We prefer to take short position on USD/INR only below 68.38, stop loss at 68.58 and target of 68.15.