We looked at the Indian Rupee (USD/INR pair) in October/November 2012 and as predicted it has largely remained downwards to sideways. With the new Budget for the year 2013 coming soon, what will be the future course of the Indian Rupee?
The Rupee has remained largely downwards to sideways over the last 4 months. We're still not seeing any new moves yet, the Rupee has formed a strong resistance at 56.6. The resistance levels are 54.3 which will also act as a minor support if prices move above it on a daily closing basis & 56.6 is a major upward resistance crossing which is a tough task at present. The lower critical support level is 53 which if held for the present week will be a very strong support, but if this support is broken we might see much lower levels for the Rupee. Overall the Rupee is likely to remain weak over the coming months and fresh up-moves are highly unlikely as the bias is downwards.
The Rupee has remained largely downwards to sideways over the last 4 months. We're still not seeing any new moves yet, the Rupee has formed a strong resistance at 56.6. The resistance levels are 54.3 which will also act as a minor support if prices move above it on a daily closing basis & 56.6 is a major upward resistance crossing which is a tough task at present. The lower critical support level is 53 which if held for the present week will be a very strong support, but if this support is broken we might see much lower levels for the Rupee. Overall the Rupee is likely to remain weak over the coming months and fresh up-moves are highly unlikely as the bias is downwards.
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