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According to Axel Rudolph, senior analyst at Commerzbank, USD/INR 1 Month NDF has failed slightly below the 72.33/73.01 resistance zone and is once again likely to target the 69.80/44 area.

Key Quotes

“The USD/INR 1 Month NDF’s rally from its January low at 69.44 has taken it to its current February high at 72.21 before falling out of bed again.”

“This high was made close to the 72.33 November 8 low and the December peak at 73.01. As long as this level isn’t overcome on a daily chart closing basis, we will stick to our medium-term once again bearish outlook.”

“Strong support is found at the 69.80/44 December and January lows. If the January trough at 69.44 were to give way, the July and August lows at 68.51/50 would be next in line.”