Forex Market News

Buy USDINR Strategy 66.69 – 66.66; Target Of 66.90

US dollar index is trading at 95 . 84 , appreciating against all the majors after better than expected economic data was reported yesterday . Manufacturing PMI data from the US for the month of September was stronger than expected and pushed the US dollar higher . There is no major data from the US today but the current strength of the US dollar is set to stay.
The 2-day MPC meeting concludes today, with markets expecting Reserve Bank of India (RBI) to maintain a status quo. However, a surprise cut can pleasantly surprise the markets. The USD-INR pair after briefly approaching 67/dollar levels is back to 66.50/dollar. We expect the pair to trade in the 66.30-66.80/USD range in the near term, with strong FII and FDI inflows to continue.” “The bonds are expected to be rangebound going into the policy today.
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