USDINR - $USD Continues to Grind Higher Against $INR
Enter your emailThe ₹77 levels have been important in the past, and I think that is where we are heading.
This is an area that previously has been a little bit of resistance, but in the bigger scheme of things is minor at best. When you look at the chart, we have been in an uptrend for quite some time, pulled back to the ₹75.50 level, and then shot higher again. Remember, this is a pair that typically grinds in one direction or the other and does tend to trend for very long periods.The ₹77 levels have been important in the past, and I think that is where we are heading.
If we do see a continued strengthening of the US dollar against most other currencies, there is no reason to think that it cannot break above the ₹77 level rather handily. Keep in mind that the central bank in India is a little bit more active in setting a range, but right now I do not think they have a major issue with the rupee falling, mainly because it could be too expensive to fight it.
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