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Though the dollar (USD) rallied during the first half of last week, it depreciated in the latter half and as a result the rupee (INR) that faced downward pressure early on last week, was able to recoup its losses. INR ended last week on a flat note at 73.54 versus the preceding week’s close of 73.57. This means the currency pair continues to oscillate within the price of 73.50 and 73.85.
Even today, the local currency opened flat at 73.51. Thus, INR is currently hovering at the resistance of 73.50. If this level is breached, the currency could find immediate resistance at 73.40. Nevertheless, the breakout can take the domestic currency past 73.40 and further lift it to 73.15. Above that level, resistance can be spotted at 73. On the other hand, if it falls on the back of the resistance at 73.50, the nearest support can be spotted at 73.70. Subsequent support is at 73.85.