The Indian rupee marginally depreciated in the recent session and closed at 72.42 against the dollar. Although, there has been a recent weakness reported in dollar on the back of paused FII inflows.
Coming towards the yields, the US yields have drastically moved towards 1.45 in the previous session.
Finally, the US dollar index has slipped below the 90 levels.
A fresh momentum was seen across the risk assets after comments from the Fed.
Further, the Euro also climbed to its two months high against the US dollar.
As per the currency futures on NSE the USDINR spot for March futures has closed at 72.75 levels. The significant Call base is placed at 73 levels.
According to the experts’ opinion, this spot is likely to have no major upward movement. This is because of the current levels where the upsides are hovering around squeezing the opportunities.
Moreover, the dollar-rupee March contract on NSE was settled at Rs 72.75 in the previous session.
Also, the open interest for the March series rate moved up at the rate of 4 percent.
As per the market data, currently selling USDINR can be possible in the range of 72.78-72.82.
Investors can look after selling for a target of 72.65/72.55 with a support at 72.60/72.40. Also, the USDINR spot has current resistance level at 72.92/72.98 with a stop loss of 72.92.
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