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The rupee (INR) opened on a strong note on Monday at 70.6 again versus the previous close of 70.81, but it declined throughout the day on the back of dollar (USD) strength and closed the session at 70.76, failing to close above the resistance.
In today’s session INR opened lower at 70.79 and is traversing across the crucial level of 70.75. If rupee gains from current levels, it will appreciate to 70.5 whereas a decline will drag it to 71. Dollar index bounced off a support from 97 and is trading at 97.4, which is a minor resistance.
Price action of USDINR and the dollar index suggest indecisiveness and hence traders are advocated to exercise caution and wait on the sideline until a clear trend emerges.
Supports: 70.89 and 71
Resistances: 70.5 and 70.35
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