USD INR (APR– Expiry)
US dollar is looking weak on charts hence selling is recommended in USD.
Sell around 54.7000 with a SL 54.8500 possible targets of 54.4000/54.2500/54.1000.
EUR INR (APR – Expiry)
Euro might fall further as technically looking weak.
Sell below 70.2700 with a SL 70.3700 possible targets of 70.1075/70.0025/69.8800.
OR
Buy above 70.3700 with a SL 70.2700 possible targets of 70.5000/70.6225/70.7800.
Currency Headlines
Yuan advances on PBOC increases the reference rate.
Yuan is hovering in bullish zone as the People’s Bank of China sets the reference rate to the record high levels which has given support to their currency. The yuan rose 0.1 percent to 6.2016 per dollar, prices from the China Foreign Exchange Trade System show. That’s the biggest gain since Feb. 20. The currency touched 6.2004 earlier, the strongest level since the government unified official and market exchange rates at the end of 1993. In the offshore market, the Chinese currency climbed 0.08 percent to 6.1983 per dollar, the highest level since Jan. 24, data compiled by Bloomberg show. Twelve-month non-deliverable forwards advanced 0.12 percent to 6.2900 per dollar, a 1.4 percent discount to the spot rate in Shanghai
