Sell USD /INR future in the range of 61.15-61.30, Target1: 59.80, Target2: 59.0, Stop loss: 62.10
As the options structure suggests, 62 Call strike continues to see significant addition of open interest in the April series as well while the 61 Call strike holds the highest open interest base. Similarly, we have observed noticeable FII (Foreign Institutional investors) inflows in equity markets, which has already been reflected in sharp rallies in equities and in the strengthening of the Indian rupee. Even though the Indian rupee could see a bounce from its recent lows of 59.80-60, we believe it may see stiff resistance near 61.0-61.3. Hence, we recommend shorting i.e. selling the pair on pullbacks.
However a word of caution is that RBI Governor Raghuram Rajan has done his bit and in case BJP govt comes to power; then he can get an axe from RBI office which will not be good for Indian Rupee Strengthening against dollar.
If you are not comfortable trading the Forex market, best is to use the Indian equity tips and make money like professionals as Indian equity market has least amount of risk associated with it.