Strong resistance for the pair stands at 74.50 (all-time high). A break and sustain above 74.50 will open room for further upside and can be seen targeting 76.00 in the near term.
On the contrary, any sharp depreciation in the rupee may force RBI intervention through its FX kitty.
Risks in USDINR are tilted to the upside. One is advised to exercise caution on carrying and short volume positions.”
