On the eve of the RBI monetary policy let's look at the Indian rupee today.
The USD/INR pair (Indian rupee) topped out during July 2012 and fell to a 6 month low recently. Now it seems to have found some support at 51.5, this could however be a temporary support. If the pair is unable to move above the strong resistances of 54.5 and 56.5, the Lower critical support of 50.5 will be tested and if this support is violated we could see the rupee slide further lower. However if the higher resistances are taken out effectively we could also see a new up move.
The USD/INR pair (Indian rupee) topped out during July 2012 and fell to a 6 month low recently. Now it seems to have found some support at 51.5, this could however be a temporary support. If the pair is unable to move above the strong resistances of 54.5 and 56.5, the Lower critical support of 50.5 will be tested and if this support is violated we could see the rupee slide further lower. However if the higher resistances are taken out effectively we could also see a new up move.
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