Indian rupee at its weakest level since early September 2013, likely to fall further

The Indian rupee opened lower by 12 paise at 68.49 per dollar versus 68.37 Tuesday.

• It made intraday high at 68.66 and low at 68.39 levels.
• In addition, India's benchmark index NSE Nifty was trading 0.40% lower to 7019 level while BSE Sensex was trading 0.61% lower to 23050 levels.
• 10, 25 and 50D EMA heads upside and confirms the bullish trend.
• Key support levels are seen at 68.27, 68.00 and 67.55 levels.
• On the top side, resistance levels are falls at 68.67, 69.00 and 69.22 marks.
• Looking ahead for the day, US monetary policy meeting minutes will remain main focus for the day.

We prefer to take long position on USD/INR around 68.50, stop loss 68.12 and target 69.32 mark.