By Amrit K Basu

Late surge in USD/INR following steep-losses being triggered all around took it to 43.0500 before it closed at 43.0000. Today, the off-shore price action says we might open higher and probably try to touch earlier high at 43.3000.One line of caution is we have come up too much too soon, and a corrective fall is due, even if we admit that the trend might have reversed. Till such time, buying dips preferred option.

In the forwards still the support at 130 levels is holding. Not much to write about it now, as only the break would let us give a fresh direction. Or else, it might go up to 155, the next resistance.

Amrit K Basu is the Head Treasury Products of proFX consulting & allied services, a Treasury Risk Management consultancy outfit. Amrit is also engaged in offering advisory to software companies as well as in placements in the treasury domain. He can be reached at amritbasu@profxconsulting.in