Wednesday after fresh RBI steps to boost foreign fund inflows and hopes of a diplomatic solution in Syria reduced the dollar’s appeal as a safer investment.The local currency was also boosted by consistent capital inflows and dollar sales by exporters.The Reserve Bank of India on Tuesday allowed swap facility for term deposits of lenders and relaxed norms for banks to borrow funds from overseas.RBI was heavy net sales of dollars on the spot foreign
exchange market in July of $5.98 billion from a June figure of
$2.25 billion, central bank data showed on Tuesday.
Overview: USDINR extended bearish trend on Wednesday,
closed at 63.55 with 1.09% losses. The daily chart is showing for
bearish trend as Pair closed below 40 Exponential moving average on daily chart.
Now next crucial support level is seen at 63.30 and upside range towards
resistance 63.92-64.30.Trading Strategy : buy on dip and watch 63.92 level Two Consecutive close above this levels can tuch 64.30, 65.20 levels.Buy 64-65 Sept Call.
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