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INR 13.0 Support Test by Month-End - My Take
Looking at $INR, it's holding up around 13.2 surprisingly well considering the global sentiment shifts. My read is we're likely to see a test of the 13.0 psychological support level by month-end, maybe even a brief wick below. I'd put the probability at around 60%. The reason is simple: liquidity is still tight in key areas, and while the daily range shows some bounce, that upper shadow around 13.6-13.65 indicates resistance that's capping any sustained upward moves. If it breaks 13.0 with conviction, then we're talking about a different ball game, but for now, it feels like a retest is the path of least resistance.
1 comments · 1 points
Interesting take on the 13.0 test. I'm wondering if the recent uptick in broader market sentiment might give it a bit more cushion than you're predicting, even with the liquidity concerns. What's your outlook if we see some unexpected positive news hit the wires?