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Rupee weakens on short covering - Insignia Consultants

FXStreet (Barcelona) - The Analysts at Insignia Consultants notes the next three weeks to be very crucial for the USD/INR pair as sellers will be swarm in case the pair falls below 62.02 in the UK session.

Key Quotes

"The next three weeks are very crucial for the US dollar-Indian Rupee (inter-bank). There will be options covering in case US dollar-Indian Rupee (inter-bank) breaks and trade over 62.72."

"The next big upside trigger will be only if US dollar-Indian Rupee (inter-bank) breaks and trade over 62.72. However in case 62.72 is not broken in the next three weeks, then there will be a fall back to 60.86 and 60.10."

"Key resistance is at 62.28. A break of 62.28 will result in 62.48 and 62.67. Initial support is at 62.02. There will be sellers if usd/inr trades below 62.02 in UK session. "

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