Forex Market News

Sell USDINR Around 66.95; Target Of 66.60

USDINR Oct futures opened made an intraday high of 66.96. Later prices corrected and consolidated in the range of 66.84 whole session. Prices have been moving in a declining channel pattern and taking strong resistance at downward moving trend line and are expected to fall from this level towards next strong supports placed at 66.60 and 66 .40 levels.
US dollar index is trading at 97. 67 , depreciating against the majors after weaker than expected manufacturing and industrial production data was reported yesterday . Comments from FED vice chair person Fischer were mildly hawkish but failed to support the dollar . US reports its inflation data today and this data is unlikely to be market moving . We expect a slow day of trading with the chances of US dollar regaining some ground.
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