Forex Market News

Sell USDINR Below 66.50; Target Of 66.00

US dollar index is trading at 98.42 , appreciating against all the majors in a surprise move after the US election results were declared yesterday . Analysts remained amazed with the scale of recovery the US dollar has posted . It is likely that dollar would consolidate at current levels and with a December rate likely to remain off the table, we can expect a minor retreat from yesterday’s highs.
USDINR Nov futures opened strongly higher in a volatile session and made a high of 67.08. Prices fell sharply later for half of the session and made a low of 66.53. Prices are expected to fall further from these levels towards next strong supports placed at 66.20 and 66.00 levels if break below short term trend line support of higher side strong resistances are placed at 66.80 and 67.10 levels.
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