USDINR
On Wednesday, The rupee is very much likely to commence between 82.40 – 82.50 levels as dollar up slightly as U.S. stocks sold off, while investors were trying to position for next week's expected interest rate hike from the U.S. Federal Reserve.
On Tuesday, The Indian rupee saw its worst trading session in more than two months to extend its decline against the U.S. currency amid chatter of corporate dollar outflows, while premiums plunged further. The partially convertible rupee finished the session down 1.03% to 82.6350 per dollar at a one-month low.
The currency has weakened 1.63% overall in the last two trading days. Traders said they were caught off-guard by the rupee's sudden decline, prompting a round of stop losses that probably sped up the drop once USD/INR moved above 82.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL FOR MIDTERM
INTRADAY RANGE – 83.10 (82.40 – 81.70) 81.00
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