With a multi year double top formation at 68-68.50 levels INR is likely to to strengthen from hereon with 69-69.50 being the upper limit for its weakness. After spending sometime in the 67-69 range it is likely to retrace to 64 levels in the medium term and strengthen further in the long run.
This however is subject any intervention by RBI and devalue the Indian currency to meet its policy objectives.
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| USDINR Monthly |
The following chart shows how the Brazilian Real and Russian Ruble have caught up which started with the devaluation of INR during 2012 against USD. With INR leading the way, chances are Indian Rupee will start the reversal process as it continues to be one of the best performing currencies in 2015.
See our earlier post regarding USDINR : http://eqtrend.blogspot.in/2015/09/the-present-weakness-could-be-last-weak.html
