- The USD / INR remains stuck in the recent narrow trading range.
- A breakthrough would set the tone for new records.
The Indian rupee has no clear directional bias, as evidenced by the recent lateral movement of the USD / INR in the range of 75.00 to 76.24.
A close above 76.24 would mean that the decline from the April 22 high of 77.008 is over and the bulls have regained control. The rupee could then revise its life lows around 77.00.
On the other hand, acceptance under 75.00 would imply further withdrawal of 77.00 and open the doors to 74.00.
At the time of publication, the USD / INR is trading at 75.77. The 14-day pair’s relative strength index is trapped in a falling channel. A breakout on the RSI could also be seen as a sign of the bull’s recovery.