USD/INR remains in a strong uptrend after the July breakout, with room to test the upper channel at 90.80-91.00, note foreign exchange market analysts at Société Générale.
Rupee under pressure as dollar rises
“USD/INR has seen a steady uptrend after breaking out from the base in July. It made an interim high near 90.45 earlier this week. While the move appears to be somewhat extended, there are no clear signs of a reversal yet.”
“If a short-term pullback occurs, the 50 EMA near 88.70 will likely serve as important support. The next target could lie near the upper boundary of a multi-month channel at 90.80/91.00.”
