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Risk-on Moods to Support Rupee - HDFC Securities
* Indian Rupee forwards gained in yesterday’s session while domestic forex market remained closed on account of Gudi Pudwa. Rupee expected to start on strong note following surge in risk on mood with benchmark index gained 7% on Wednesday.
* On Tuesday, rupee gained by quarter percentage to 76.10 a dollar as government given stimulus package to revive growth. However, the 21 days lockdown amid COVID19, this could impact the economy very hard and could be in recession.
* Technically, spot USDINR is having support at 75.70 and 75.30 while continue to resist around 76.50.
* A late reversal erased most of the day’s gains as the S&P 500 eked out a 1% advance, narrowing its decline to 27% from the Feb. 19 highs. The VIX rose 4% to 64, marking the fourth straight day the CBOE’s volatility gauge moved in the same direction as stock prices.
* WTI crude rose above $24 a barrel, gold retraced some of its recent gains to finish at $1,610 an ounce.
* The Federal Reserve could now have as much as $4.5 trillion to keep credit flowing and make direct loans to U.S. businesses through the massive coronavirus stimulus bill being considered by U.S. lawmakers. This will be positive for risk-on sentiments.
USDINR March Futures :
* USDINR March futures formed gravestone doji candlestic pattern at record high indicating short term reversal.
* Momentum oscillators on daily chart hovering in overbought zone and could form negative divergence.
* Short term profit booking likely in USDINR March future with downside support at 75.30 and resistance at 76.50.
USDINR MARCH FUT. DAILY CHARTS
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