The INR has been strong against the USD in the last few weeks after several measures by the Govt to improve the fiscal situation and reform measures in the form of FDI norms relaxation. Technically, the INR looks set to test the 50-51 zone in the coming weeks and then can rally to test the previous highs. Those holding forward sale contracts can cancel when the INR reaches the 50/51 zone and then wait for better prices to sell.
|USD/INR TO TEST 50/51 LEVEL BEFORE ATTEMPTING RECOVERY?|
CEO, Financial Markets Algorithms
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours but it is possible that some clients may have acted on our advisory.