The rupee fell below 52 versus the dollar to a new three-month low, though traders have not yet seen clear signs of intervention.
The cross is testing resistance at 52.12, the 61.8% retracement of the December-February falls, with a convincing and sustained breach opening up the next resistance level at 52.95-00, the 76.4% retracement.
Traders have been warning USD/INR is at risk of testing its mid-December record highs of 54.30, given the slew of domestic negatives and global economic woes.
USD/INR was last trading at 52.09/10 to the dollar after hitting a new three-month low of 52.20 in opening trade. It closed at 52.14/15 on Thursday.
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