INR has take support at 23.6% retracement level
i.e. 59. I was expecting a deeper correction in INR
up to 58.05 and upto 57.21.
INR had fallen from 53 levels to 61 and even
after a 12% fall in currency it has refused to do deeper correction. This
indicates that weakness in INR will persist. If INR spends more time hovering
around these levels the next move up will be very sharp. The possibility of a
further price correction in INR also reduces exponentially if INR continue to spend
more time at these levels.
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