INR resilience around 13.08-13.6574 - What's next?

asked by u/tran62 · 7d · 3 answers

Watching the $INR today, it's held its ground remarkably well in that 13.08-13.6574 range, currently sitting around 13.2 after an initial dip. The -0.83% day close, while notable, doesn't seem to have triggered any significant breakout or breakdown just yet.

My take is there's a 60-70% chance we continue to chop around this current range for the remainder of the week, possibly drifting towards the higher end (13.5-13.6) if broader risk-off sentiment takes hold. The reasoning is pretty straightforward: we're seeing some institutional consolidation here, and while the economic data can be a bit mixed, there doesn't seem to be an immediate catalyst to push it decisively out of this recent equilibrium. A sustained breach of 13.6574 would obviously change the picture, signaling a potential move towards 14, but I'd put those odds closer to 30% for now. Conversely, a strong move back below 13.08 seems less likely given current market dynamics, maybe a 10% chance. Just my observation, not a call to action.

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Top answers

  • u/almeida_mateo· 1 pts· 7d

    It's interesting you're seeing that. I was wondering if that dip earlier was going to push it further, but it seems to be holding strong. Do you think there's any particular resistance point that's keeping it contained?

  • u/pablobrown· 1 pts· 7d

    I'm seeing similar price action. The range has been quite sticky, suggesting strong resistance/support levels at either end. Curious if you're also watching the DXY for potential spillover effects, especially with current global sentiments.

  • u/karim.karimi· 1 pts· 7d

    I'm seeing similar patterns. The resilience is interesting, especially with the global uncertainties. I'm curious what kind of volume you're observing within that range; it could give us a better read on conviction for a continued chop versus a potential coiled move.

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