FxWirePro: Indian rupee hits new record low at 72.96 against U.S. dollar, further upside likely

• USD/INR is currently trading around 72.76 marks.
   
• It made intraday high at 72.96 and low at 72.70 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.50 mark.
   
• Key resistances are seen at 73.02, 73.24, 73.48 and 73.66 marks respectively.

• On the other side, initial supports are seen at 72.12, 71.50, 71.33, 71.13, 70.63, 70.47, 70.22 and 69.94 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• India’s NSE Nifty was trading around 0.27 percent higher at 10,922.28 points while BSE Sensex was trading 0.26 points higher at 36,402.82 points.

We prefer to take long position on USD/INR around 72.65, stop loss at 72.50 and target of 73.24.