Way2Wealth's currency report on USDINR
The USDINR pair has rebounded after dropping to 81.72 in the recent low. The major has defended its downside despite weakness in the US dollar Index amid debt ceiling woes and a bloodbath in the oil price. Technically the USDINR is in consolidation mode and breakout of 81.94 would invite an intraday buying pressure. Going forward, the USDINR has support at 81.84 and 81.80 levels. On the higher side, the resistance will be at 82.05 - 82.30 levels. We would remain consolidation on USDINR with positive bias and advise to buy above 81.94 levels for the target of 82.02/82.25 levels.
Today’s Currency Trading Strategy
| Currency Futures | Expiry | Action | Entry | Target | Stop loss |
| USD/INR | 29th May 2023 | Buy | above 81.96 | 82.02 | 81.84 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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