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- USD/INR has made a high 67.03 on Monday after blood bath in Indian stock market. Indian benchmark BSE 30-share Sensitive Index (Sensex) recorded its steep intraday crash since 2009 of more than 1700 points.
- Indian rupee is under pressure for past two weeks, since China devalued its currency to make its export competitive in the world markets.
- Indian rupee is expected to bounce back faster compared to EM currencies on the back of stronger fundamentals and real interest rate of rupee.
- Technically USD/INR has made a high of 67.03 on Monday and declined till 65.87 from that level. The pair's major resistance around 69.22 (Aug 26th high) and nay break above targets 73.40/76 in short term.
- The minor resistance 67.75/68.50.
- On the downside minor support is around 65.85 and any break below will drag the pair further down till 65.40/65/64.46 in short term.
It is good to sell on rallies around 67-67.50 with SL around 69 for the TP of 65/64.50
