INR forecast: INR opens stronger at 71.84 as against Wed close of 72.37. A decent gap down opening. A gap down opening and market staying below close of previous close is also a sign of possible reversal. If INR stays below 71.50, there is a good chance of seeing 70 in coming days.
Fundamental developments like RBI considering opening window for OMCs to buy USD, rise in Chinese equity; Chinese premier saying that they don’t want to devalue the currency etc is adding to chances of reversal.