POSITIVE ASPECT
Dollar Index resistance on upper levels.
Indian Forex Reserve touch highest levels $426.42 Billion.
Balance of payment fall.
Current account deficit lower in Q1.
Govt. cut interest rate on saving schemes
CONCERN
Oil price maintain momentum on IRAN aspect.
Central bank intervention for competitive export pricing.
WEEKLY RANGE – 68.39 (68.72 – 69.16 ) 69.42
Conclusion :-
Import Aspect: - Every 20-25 pips fall will be strongly recommended for short term covering in tranches.
Export Aspect: - Strong Resistance on closing basis 69.37 then 69.65 levels. For Short term any upside must me taking as opportunity.
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