Just trade in the technical. That’s all I can comment. The direction of the US dollar will be the key. Exporters and other will be using the rise (if any) on US dollar to sell unless key immediate resistances are breached. Quarter end position squaring and rebuilding will take place as the week progresses. To me the weakness in the US dollar is due to profit taking which if it continues in the second week of April will result in it continuing for a long time.
Usd/inr March 15 (expiry on 27th March 15):
- Immediate support is at 62.2725 with 62.1550. There will another wave of selling below 62.1550 to 61.8475. Only a break of 62.5350 will resume the intraday bullish zone.
Euro/inr March 15 (expiry on 27th March 15):
- Immediate resistance is at 68.0250. A consolidated break of 68.0250 will result in 68.6375 and 68.9925. Immediate support is at 67.6500. There will be sellers only if euro/inr trades below 67.6500 either in UK session or US session.
Gbp/Inr March 15 (expiry on 27th March 15):
- Cable immediate resistance is at 93.0375. A break of 93.0375 will result in 93.6775 and 94.1350. On the lower side initial support is at 92.8325. There will be sellers only below 92.8325.
Jpy/Inr March 15 (expiry on 27th March 15):
- Yen/inr needs to trade over 52.0250 today to rise to 52.4725-52.7775. On the lower side as long as 51.54-51.74 zone downside risk will be limited.
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