One-month risk reversals on the Indian Rupee (INR), a gauge of calls to puts, eyes to snap the previous two-week uptrend while flashing -0.241 figures on weekly basis during the early Friday.
Although today’s close will be watched closely, it isn’t expected to defy the recent pessimism concerning the INR in the options markets.
This goes against the USD/INR price moves that drop for the second consecutive day, down 0.10% intraday, by the press time. It should, however, be noted that the weekly chart portrays the recovery move while flashing the first positive candle in four.
Risk reversals flash the -0.241 level, favoring USD/INR bulls by the press time, according to data provided by Reuters. The negative reading indicates put options are drawing higher premium (option price) than call or bullish bets.
Although the options markets are turning bearish on the USD/INR, strong support resistance around 72.80-85 comprising 21-day and 50-day SMA challenges the pair buyers.
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