Wednesday, March 31, 2021 TIME 10:09 AM IST
Trading View: USD/INR (spot) trades over one hundred day moving average
Indian rupee is trading at 73.4825. It is trading over one hundred day moving average but usd/inr is trading below two hundred day moving average of 73.7325. Rupee has been on gaining trend this year. Rupee has weakened over one hundred paisa (against the US dollar) in the past five trading sessions. I will attribute rupee weakness to quarter end demand and nothing else. Rise in US dollar Index over 93.00 and decrease in bond yield gap between India and USA are the other reasons.
Technical trend for USD/INR spot
Trend of Usd/inr in the first two weeks of April is the key from a quarterly perspective. Right now all rise till the 12th April is a selling opportunity for exporters and traders. However if usd/inr continues to weaken on or after 12th April then chances of a quick rise to 75.2375 will be very high.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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