India Rupee has been rallying in last few days and made a new life time low today.
Fundamentally Rally in Rupee is due to 3 Reasons as mentioned
- Broad dollar strength,
- Trend in crude oil prices and
- Emerging-market currency movements, The way LIRA crashed has an sentimental impact on all Asian Currencies.
On Technical Front as per Gann Analysis Rupee has corrected from Gann Angle resistance as shown in below chart, Any break of Friday low 73.65 can see fall all the way till 72.5 by October month.
Major Trend Change date for INR for October Month
- 15 Oct
- 31 Oct
Weekly Trend Change:74
Levels Mentioned are for Oct Contract of USD INR