Rupee remains stable against Greenback despite the sudden weakness yesterday in USD in early US session which led AUD / USD, EUR / USD and GBP / USD rising. Even more strange is that USD / INR actually collected higher over time, suggesting that indeed Rupee weakened even more than Greenback, highlighting the downward trend of the currency of India has weakened more than 1% against USD since the beginning of the year.
guilty of the weakness seen in INR comes from the weakening Sensex, which has seen four consecutive days of decline and is likely to chalk a day. With share prices falling, there is very little reason for investors to keep their funds in India since the inflation rate far exceeded deposit rates, resulting in the devaluation of the Rupee.
Time Table
Currently USD / INR is essentially flat, trading in a band between 62.1 to 62.5 . However, without weakening USD, one wonders if USD / INR would be able to go much higher and perhaps even pushed beyond 62.5 previously. Stochastic readings were flat, but a new low has been formed with the curve Stoch crosses the signal line from below, suggesting that the upward trend that began early in the trading session of the US yesterday can be resumed, the price for hitting to the gentle resistance of 62.4 in the near term.
Weekly Chart
the long-term direction agrees with an upward thrust in line with that fundamental with a weak economy India vs strong narrative of the US economy. Moreover, even if we consider that prices have failed in the uplink Channel and should open the downside target in the medium term channel bottom, it should be noted that the prices are in the midst of a rebound of 61.3 support and a new Top channel test is equally if not more likely. This is in line with what we say Stochastic, where the curve of stoch highest peak, say we are now in a bull whose starting point coincides with the rebound of 61.3
Connections:.
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Read More : USD/INR Technicals – Heading Towards 62.4 As INR Weakens
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