The Indian Rupee (INR) weakens near a record low on Wednesday as the appointment of career bureaucrat Sanjay Malhotra as the next governor of the Reserve Bank of India (RBI) prompted traders to raise their bets on the interest rate cuts.
The India n Rupee tumbles to near an all-time low in Wednesday’s Asian session. The dovish bets after the government named career bureaucratSanjay Malhotraas the new RBI governor weighs on the INR. The US November CPI inflation report will take center stage on Wednesday. The India n Rupee weakens near a record low on Wednesday as the appointment of career bureaucrat Sanjay Malhotra as the next governor of the Reserve Bank of India prompted traders to raise their bets on the interest rate cuts.
The upper boundary of the ascending trend channel and the psychological level of 85.00 appear to be a tough nut to crack for the bulls. Sustained trading above this level could see a rally to 85.50. On the flip side, the boundary of the trend channel and the low of December 9 at 84.65 act as an initial support level for USD/INR. A break below this support zone could drag the pair lower to the next bearish target at 84.22, the low of November 25, followed by 84.08, the 100-day EMA.
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