INR forecast: Opens stronger at 73.83 as against yesterday close of 74.12 and may trade the day between 73.60-74.20 under two-way price action. Technically now there are chances of 73.50-73.10 in coming days. At those levels, we shall examine whether the move down from 74.40 was a mere correction and INR would again weaken or whether 74.40 was a top. Fundamentally, there are many factors which could drive weakness in coming months and as of now appears that INR may waken beyond 74.40 in coming months.
Today India will release its inflation and manufacturing figures at 5.30 pm. INR may trade in a range ahead of inflation report.