USDINR 27th Jan 2016
USDINR we do not see any significant upside and on rise we have advised our clients to short sell dollar for lower side targets of 63/62 USDINR spot rates mentioned. We are not in the camp which believes that USDINR is headed for 70 (it will come later next year but not now). Please recall our past performances and see each and every time we have been spot on predicting the trend in USDINR and this time we feel that once 2nd-3rd Feb 2016 is crossed then we will see one side movement in USDINR towards 62-63 over the next 90-180 days. Charts in USDINR are very clearly indicating that some big event or news will come and will suddenly change the move. So short term traders please trade with appropriate risk management system. Sell US dollar on rise in a staggered manner or low risk entry points or on consolidation and breakouts. We do not see USDINR sustaining above 68.32 spot levels mentioned on higher side for more than 5 trading days. For Indians who are abroad and want to remit money to India price around 68 spot rates mentioned is a very good rate and you must not wait anymore to transfer funds.
Good Trading To You!