USD/INR rises to 2-1/2 month high

By FXStreet FXStreet (Mumbai) – The USD/INR pair rose to its highest since September 11 on account of heavy month end buying and increasing odds of Fed rate hike.

RBI seen intervening

The rumours are doing the rounds that the Reserve Bank of India (RBI) intervened (sold USD) around 66.57, but he move failed to halt the momentum; since the pair now trades around 66.60.

Rupee usually comes under pressure as month end nears on account of importer demand. The move higher may alspo be due to upbeat US data released yesterday – weekly jobless claims at one month low and better-than-expected US durable goods orders figure.

USD/INR Technical Levels

The immediate resistance is located at 66.75 (Sep 10 high), above which the pair could target 66.89 (Sep 8 high). On the other hand, support is seen at 66.50 (Nov 9 high) and 66.32 (5-DMA).
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Source:: FX Street