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.
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Forex Trading News


  • Rupee ended at 71.38 a dollar yesterday, down 6 paise against its previous close of 71.32.

  • 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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