USD-INR - October 8, 2020 - Angel Broking

Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd

"Yesterday, NSE USDINR OCT contract appreciated by 0.15 percent and closed at 73.46 levels while the Dollar Index decreased by 0.1 percent. India's services sector, hit severely due to the over two-month long pandemic-induced lockdown, neared recovery in September, with the PMI for services rising to 49.8 from 41.8 in August. US Federal Reserve Chairman Jerome Powell called for continued aggressive fiscal and monetary stimulus for an economic recovery that he said still has "a long way to go." As of today traders can go for sell in NSE USDINR Oct contract at 73.50, with the stop loss of 73.70 and for the target of 73.10 to 72.90 levels. We are expecting appreciation in USDINR in short term and it may test 72.50 levels soon."

Source : Equity Bulls

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