Dollar Rupee daily chart analysis
Dollar rupee spot on last trading session closed at 62.11 with loss. On daily chart, US dollar is now losing momentum and showing strong correction as rupee sees some inflows on recovering equity markets. Closed just below its 3-month average of 62.12 and suggesting short-term downtrend US dollar.
For next week, USDINR pair major resistance levels will be 62.5 and 62.8 while on downside expect some support at 61.7 and 61.4. Outlook is negative for dollar and expects some more correction. USDINR daily chart indicators are bearish and supporting correction rally.
Dollar Rupee weekly chart analysis
Dollar rupee spot this week closed with loss. This was second week of losses for US dollar. In this week, usdinr hit high at 62.88 while low was at 61.99. Almost 1 rupee range and closing with loss. Heading towards its 6-month average of 61.55 for support and that might be target for next week. On upside 62.8 and 64 are strong resistance zones on weekly charts. Indicators are mixed on weekly chart and suggesting correction as well as consolidation.