India is set to take a major step tow and currency internationalization with World Bank plans to double its offshore rupee bond program to $2 bn and push leading Indian companies to raise global rupee-linked debt for the first time. This implies more inflows into India.
Usd/Inr April 2014: Resistance is at 60.8025 and till Monday only a break of 60.8625 will result in further gains. In case usd/inr does not break 60.8025 by Tuesday, then it will fall to 60.10 and 59.86.
Euro/Inr April 2014: Only a consolidated break of 84.23 will result in further gains to 84.76-85.02. Initial support is at 83.92 and there will be sellers only below 83.92
Gbp/Inr April 2014: It can rise to 102.15 and 103.07 as long as it trades over 101.29. There will be sellers only if cable trades below 101.29 in UK session.
Jpy/Inr April 2014: Resistance is at 59.71 and only a break of 59.71 will result in 60.14-60.57. Support is at 59.41 and there will be sellers only below 59.41
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