• USDINR traded steady supported by stronger dollar ahead of US FOMC meeting with minor effect over Trump’s state of Union speech. The weaker equity indices also supported rupee depreciation. The speculation over India Budget kept market volatile with mixed global cues.
• The U.S. dollar index, was trading off the recent lows at 88.90, with speculation over FED meeting and rise in US bond yields.
• Prices are expected to trade sideways to down with support 63.70/63.50, resistance 63.90/64.10.
• USDINR trading range for the day is 63.66-64.01.
• Rupee remained changed as investors refrained from taking significant market position awaiting India’s Union budget for the fiscal year 2018-19.
• Finance Minister Jaitley to announce gross borrowing target in the range of Rs 6.2-6.5 trillion.
• India’s economy should grow between 7 percent and 7.5 percent in 2018/19 (April-March) with exports and private investment set to rebound.
• EURINR trading range for the day is 79.24-79.78.
• Euro recovers as the dollar inched lower showing scant reaction to U.S. President Donald Trump’s State of the Union address.
• Trump called on the U.S. Congress to pass legislation to ensure at least $1.5 trillion in new infrastructure spending.
• Germany headline inflation slowed for a second straight month in January, defying expectations for stability.
* Prices made at fresh high highest since January 2015
* ADX=39 +DMI>-DMI indicating strong bull trend and RSI,MACD making higher high higher low indicating strong bull momentum
* Trend to remain bullish till 77.70 is not broken on the downside
* If prices sustain above 79 we might see prices testing 80 levels
* Prices failed to break above resistance placed at 90.94
* ADX=38 +DMI>-DMI indicating strong bull trend and RSI,MACD breaking above the consolidation indicating strong bullish momentum
*Trend to remain bullish till 89.27 is not broken on downside
* If prices sustain above 89.27 we might we prices testing 90.90AFTER POST CONTENT
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