Daily Forecast ( Date: 21-01-2022)
It was a Choppy Session for trading for India Rupee. India Rupee has scope to re-test 74.75-74.80 levels if it can hold above today’s low of 74.35. Below 74.25 fall can extend towards 74.10/73.95.
Weekly Forecast (17-01-2022 to 21-01-2022)
We suspect RBI intervention has been quite heavy around range of 73.84-74 range.Poor macro data did also play a role in keeping USDINR above 74 levels. CPI inflation surged to in December surged 5-month high at 5.6% and industrial production growth in November slowed to a 9-month low at 1.4%. A stagflationary scenario is a negative development for the Indian Rupee.Indian Rupee has formed Hammer on Weekly Chart suggesting short term bottom in place. Range for this week 74.54-73.84.
Monthly Forecast (January 2022)
Range for January 75.88-73.56, With Budget and Assembly Election coming it will keep Indian Rupee Volatile.
End of the Day Analysis
End of the day Forecast will be available soon.
Currency forecasts are based on technical and fundamental analysis and taken from some trusted sources. IBR Live does not make its on forecasts. Forecasts may change frequently based on present facts and future events and may differ from actual prices. One should not fully rely on the above forecasts while making any financial decision. IBR live takes no responsibility on making any financial decisions based on the above forecasts.