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One-month risk reversals on the Indian Rupee (INR), a gauge of calls to puts, marked the heaviest monthly drop since November in March while flashing -0.275 figures during the early Thursday.

Risk reversals flash the -0.275 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.

While the same could be observed for USD/INR moves during March, down 1.06% MoM, the pair’s recent upside momentum stays above 100-day SMA for the third consecutive day. As a result, USD/INR buyers eye 200-day SMA and five-month-old resistance line, respectively around 73.71 and 73.95 respectively.