Strong rupee is heading for 67.1 against dollar

Usd inr future technical analysis

Usd inr future technical analysis

Usd inr future today closed at 67.45 with loss. Rupee is getting stronger and stronger and seeing strong action from RBI.   Usd inr future is now in downtrend means strong rupee and weak dollar. In December futures, we saw high above 69, then correction up to support of 68. Fresh breakdown below 68 rupee was selling opportunity for positional swing target of 67.1. Though pair is in oversold state and any time trigger short covering rally but expect bounce back up to 68 and then might resume downtrend for target 67.1.   Usd inr below 67.1 next month support will be 65.55 and if downtrend continue this level will be medium term target for dollar rupee future. Usd inr long term chart suggesting, pair has hit its long term target of 68.8 and now heading towards 65 rupee support to test it.

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Pramod Baviskar

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