| Date: |
04-11-2010 |
| Subject: |
Forex: USD/INR Trapped in a Range, Holds above 44.00 |
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Despite the Dollar weakness, the Indian Rupee could not trigger a strong rally against the US currency. USD/INR fell to a low of 44.07 after the FED announced QE2, and has been moving in a range above that low and below 44.22 since then.
At time of writing, USD/INR is trading at 44.15 where it is 0.11% higher since opening.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com, said, "USD/INR is mostly unchanged, holding above 44.00 and inside past weeks range, with a slightly bearish tone; however, no strength is seen at this point and only below 43.83 past month low, pair could trigger more interesting selling rallies towards the 43.40 price zone. Resistances now, are located at 44.45, 44.65 and 44.90".
Source : fxstreet.com
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