Forex Trading - Sell USDINR at 71.3275

Yesterday, Indian Rupee appreciated by 0.31 percent while the Dollar Index rose by 0.42 percent. As expected, the US Central Bank has left its main rate unchanged at 1.5%-1.75%, while the accompanying statement was pretty much a copy of that of December, triggering no market’s reaction.

Forex Trading News

• Rupee ended at 71.38 a dollar yesterday, down 6 paise against its previous close of 71.32.
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• FBIL set reference rate for dollar at 71.5096 and euro at 78.8169.
• Global Funds Sell Net INR12b of India Stocks on Monday: NSE; Foreigners Buy Net INR40.7B of Indian Equity Derivatives Monday.
• Yield on 6.45% bonds maturing July 2029 at 6.51% on Feb. 3.
• In economic news, manufacturing PMI for Jan rose nearly to a eight year high.
• Domestic Services and Composite PMI are scheduled to be released tomorrow.
• RBI to begin its monetary policy meeting today while the decision expected on Thursday.
• US dollar edged higher following better than expected manufacturing data.
• Euro was mostly steady while UK's pound fell under pressure on new concerns on the relation with European Union.
• USD/JPY is down after rising on Monday, when upbeat U.S. manufacturing data aided the dollar.
• People's Bank of China injected CNY 380 billion via seven-day Reverse Repos (RRs) today.
• PBOC has set the Yuan reference rate at 6.9779 versus Monday's fix at 6.9249.

Forex Trading USDINR 

On The daily chart USDINR Fut closed weak giving a big red candle close, prices can trade in range of 71.10- 71.75. Thus supports are placed at 71.10-71.30. 71.65-71.75 will keep acting as supply points.

Overall prices can be in range of 70.90-71.75. Technical Indicator MACD is showing signs of trend to be sideways to positive for few sessions, For the day it can be in a range of 71.39-71.75 below 71.38 shorts can be seen towards 71.26 & above 71.75 rally towards 71.90 can be seen.

USD INR - Sell USDINR @ 71.3275 SL 71.44 TGT 71.12

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