INR forecast: INR opens flat 6902 and may trade the day between 68.88-69.15+ under two way price action.
Yesterday U.S President Trump criticised the Fed projection for additional rate hike this year while showing concern over strengthen USD that may hamper U.S exports. Trump administration said that strong USD is hurting US economy.
CNY continued to drop like a stone slipping below 6.79. Tracking weakness of CNY, most of emerging currencies too ended the day weaker including INR. Yesterday, Chinese Central Bank was aggressively intervening in CNH market to cool down the rates.
For INR, now break of 6915-6920 is crucial and a break may open up levels near 70. All depends on Chinese Central Bank. USD turned defensive against basket of other major currencies after Trump showing concern over USD strength.