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Mtechtips MCX-SX USDINR INTRADAY trading analysis 01-09-2015

Mtechtips MCX-SX USDINR INTRADAY trading analysis 01-09-2015

Mtechtips USDINR may extend its recent gain as India’s GDP growth slows to 7% vs. 7.5% on quarter Indian economy expanded at a slower than expected rate in the fiscal first quarter led by fall in agricultural, electricity and manufacturing output, putting pressure on the Reserve Bank of India to cut rates at policy review on Sep 29.India’s Gross Domestic Product calculated at constant prices expanded 7% compared with 7.40% a year ago and 7.50% in the fiscal fourth-quarter, government data released Monday showed.India’s fiscal deficit in the fiscal first quarter (Apr-Jul) was 69.3% of the budgeted target for the fiscal year ending Mar 31 on higher subsidies outgo posing challenge for Finance Minister Arun Jaitley to meet the deficit aim.Fiscal deficit in the first four months of the fiscal year (Apr-Jul) was at Rs 3.85 trillion, data released by the government showed Monday. Fiscal deficit was 63.2% during the same period a year ago.

Technical – A long bullish candle stick formation on EOD chart is indicating for bullishness in USDINR. In near term USDINR may show 67.00-67.20 next resistance level and Intraday upside is expect to come above 66.85 levels.

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