The Indian Rupee (INR) weakens on Friday. The local currency depreciated to record lows again in the previous session amid weak domestic equities and sustained foreign fund outflows.
The India n Rupee trends lower in Friday’s Asian session. The India n equity selloff and the rise in crude oil prices continue to undermine the INR. The advanced US November Michigan Consumer Sentiment data and Fed Bowman’s speech will be the highlights on Friday. The India n Rupee weakens on Friday. The local currency depreciated to record lows again in the previous session amid weak domestic equities and sustained foreign fund outflows.
This means that additional consolidation should not be ruled out before positioning for any short-term USD/INR appreciation. A move above the upper boundary of the ascending trend channel at 84.30 could pave the way for the next hurdle at 84.50, followed by the 85.00 psychological level. On the other hand, a breach of the lower limit of the trend channel and the high of October 11 at the 84.05-84.10 region could draw in selling pressure to 83.82, the 100-day EMA.
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