USDINR 2nd-6th Nov 2015

USDINR 2nd Nov 2015

USDINR today closed at 65.26 down 3 paisa. As per our USDINR / Forex rates analysis we see INR weakening towards 65.70-66 Spot rates mentioned. Traders may recall that we clearly mentioned INR has good support at 64.25-64.30 and we see a pullback now towards 65.70-66. We could look to short dollar around 65.70-66 for targets of 63 on the downside. Longer term we maintain that INR will depreciate towards 72 but in the short term after pullback towards 65.70-66 is over we will see INR appreciating vs the dollar towards 63.

USDINR Minor Trend is down. USDINR Major Trend is also down. USDINR support for tomorrow is at 65 and resistance 65.76. Importers must be hedged for payments to be done till next Friday. More details will be updated directly to clients.

Good Trading To You!