USDINR Trade Idea- 23rd june

USDINR Trade Idea- 23rd june

23 Jun 2020 12:27 PM

Our Preference Buy USDINR 26 JUNE 2020

Current Price: 75.7650

Stop Loss: 75.70

Target: 75.96

* Trade call based on - Dollar dropped yesterday and today as RBI seems to be less aggressive in absorbing surplus dollars after forex reserves crossed $ 500 bio. But it's unlikely that RBI will allow rupee to continue to appreciate given the need to support exports. Also RBI's target is rumoured to be around $ 530 bio, so I expect them to return to the market soon.