Sell USD March around 51.20-51.30: Bonanza
Bonanza has recommended to sell US Dollar March at around 51.20-51.30 with stoploss above 51.80 and target of 50.50-50.30. “Month end Dollar demand from Oil refiners and importers could weigh down the Rupee sentiments but a rebounding stock market could limit the sharp downfall of Rupee in short term as Rupee strength is largely in line with gains in equities and a sustained stock rally could really help Rupee to recover while in long term, slowing Indian economy and political worries ahead of national elections in April and May are likely to prevent any sharp rally in local currency,” says Bonanza’s research report.
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