USD - INR - Monarch

Due to positive Govt. reforms & Strong inflow of FII in economy makes strengthen rupee against the ma-jor currency.

We expect in the coming week Rupee appreciated till 54.37-54.20 level, one can go on sell side for the coming week.

On the positive U.S. economy data & additional printing money by the Central bank ECB for Bond buying in every month had pushed safe heaven demand downside & traders had taken out their money from safe heaven to riskier assets.

Technically prices had formed Right angle broadening pattern on daily chart, decisively crossing below 79.40 level would confirmed the downtrend, for the coming session we expect prices may fall till 79.40-79.33 level. Our view remain bearish.

Source : Equity Bulls

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