INR has today reached the channel target of 64
which I have been mentioning in my blog since last one year. If we look at the
given chart INR has faced resistance at these levels twice and I think we are
done with the current upmove. In last 5 days INR has depreciated by 5% which is
good enough to qualify for buying climax.
I think RBI should come out with Interest rate
hikes to defend currency and that should cause a sharp rebound in INR. Unless
we see a bigger political mess (in which case the target for INR is above 70 )
its good time to take your profit in INR and wait for consolidation.
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