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20 Aug 2013
USD/INR hits all time highs above 64
FXstreet.com (Barcelona) - The USD/INR foreign exchange rate is last trading near session highs last trading at all time highs since year 1974 right around the 64 handle, up more than +18% in last 6 months.
USD/INR lower amid other emerging-markets currencies
Despite broad USD weakness against most majors like Euro, Swiss Franc, Yen or Pound, the Indian Rupee is being sold off against USD for fourth consecutive month in a row thus far, up from the 54 level. Market chatter is tipping the “broad-based selloff of emerging-market currencies on expectations that the FED will begin to wind down its fiscal stimulus as soon as September,” said Lauren Davidson at DowJones.
USD/INR key technical levels
To the upside, there are no historical references as to where it could find resistance, other than Fibonacci extensions, while to the downside, closest support lies at yesterday's highs 63.45, followed by Friday's highs at 61.99, and August 06 highs at 61.80.
USD/INR lower amid other emerging-markets currencies
Despite broad USD weakness against most majors like Euro, Swiss Franc, Yen or Pound, the Indian Rupee is being sold off against USD for fourth consecutive month in a row thus far, up from the 54 level. Market chatter is tipping the “broad-based selloff of emerging-market currencies on expectations that the FED will begin to wind down its fiscal stimulus as soon as September,” said Lauren Davidson at DowJones.
USD/INR key technical levels
To the upside, there are no historical references as to where it could find resistance, other than Fibonacci extensions, while to the downside, closest support lies at yesterday's highs 63.45, followed by Friday's highs at 61.99, and August 06 highs at 61.80.