FxWirePro: INR plunges to one week low against dollar on surgical strikes by India, good to sell on rallies
The Indian rupee plunges to the week low on surgical strikes across Line of Control (LOC) by the Indian army on Wednesday night. India conducted surgical strikes on terror launch pads causing significant casualties. US…
The Indian rupee plunges to the week low on surgical strikes across Line of Control (LOC) by the Indian army on Wednesday night.
India conducted surgical strikes on terror launch pads causing significant casualties.
USD/INR jumped sharply from the low of $66.33 till $67. It is currently trading around $66.95.
Technically the pair is facing strong resistance at 67.08 and any close above confirms further bullishness till $67.59 (61.8% retracement of $68.41 and $66.24) is possible.
On the lower side, $66.24 the low made on Sep 6th 2016 will be acting as near-term support and any break below confirms $65.98/$64.78.
It is good to sell on rallies around $67.20-$67.30 with SL around $68.50 for the TP of $65.95/$64.78
