Indian Rupee begins new period of depreciation against US Dollar

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.