The longest term chart shows that the Rupee has been in an historical trend of depreciation against the USD. The Rupee is coiling within a 5-months Descending triangle on the daily chart. The daily chart shows that the jump today has resolved a 5-month trading range. If this move in the USDINR holds, it will prove to be the blast off in the next phase of Rupee depreciation. Very possibly a target to 64 to 65.75.
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