The trend for the US dollar is down after the FOMC meet. If the RBI does not intervene, rupee will continue to gain. Financial year close on 31st March, will now start to have an effect on the rupee as position squaring and rebuilding starts. Direction of the US dollar will be the key. Cable fell as some bank of England official hinted of an interest rate cut in the coming months. It seems currency wars are in full swing.
Big moves (in usd/inr) will be there only when either key support or resistances are breached. Till then the recent consolidation phase will continue.
Usd/inr March 15 (expiry on 27th March 15):
- Usd/inr needs to fall below 62.4950 or break and trade over 62.8950. Range bound trade can continue for a long time.
Euro/inr March 15 (expiry on 27th March 15):
- Euro/inr needs to trade over 66.6650 till Monday to rise to 67.3225-68.0550. There will be sellers only if euro/inr trades below 66.6650 any day.
Gbp/Inr March 15 (expiry on 27th March 15):
- Cable can fall to 92.1225 and 91.7950 on speculation of an interest rate cut in the near term. Only a break of 93.0325 will resume the intraday bullish zone.
Jpy/Inr March 15 (expiry on 27th March 15):
- Short term view: Yen/inr needs to fall below 51.60 or break and trade over 52.47 for direction. Jobbers watch 51.7650 all the time.
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