- 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
