Mtechtips MCX-SX USDINR INTRADAY trading analysis 15-09-2016
MTECHTIPS USD/INR rebounds sharply on reports Govt may devalue INR next week Dollar/rupee rebounded sharply in early morning trades Thursday on reports Indian Government may consider devaluing rupee next week to boost exports. However, Fin Min Source said, No plan to devalue rupee as India has no administrative rate of rupee. The greenback traded lower as traders remain hesitant to take major positions ahead global central banks meet including those of Bank of Japan, US Federal Reserve next week and Bank of England later today. Fed policymakers are widely expected to keep their rates unchanged in September but investors will be keenly watching the guidance regarding the health of the US economy and as to when the Fed would hike rates in the coming months. Most Asian stocks traded lower following a mixed finish in the US stocks as oil prices dropped further and over uncertainty over key central bank policy meetings next week. Oil prices dropped following mixed US inventory data. Markets in China, Taiwan and South Korea were closed for public holidays on Thursday. Technical, immediate resistance is seen at 67.25 and pair would need to trade above it in order to test 67.45-67.65, else failure of the break could create probability for correction towards 66.95 again.