INR forecast: INR opens stronger 68.70 against last week close of 68.84 and may trade the day between 68.60-68.80 and small chance of 6850
Last week INR slipped to all time high at 69.10 following weakness amount other Asian currencies and mainly CNY which slipped to multi month low at 6.80. Chinese Central Bank intervened to protect 6.8 and did help RBI to protect 69. Friday was third time in last two months that INR tried to break above 6910 and could not.
Technically above pattern indicates that INR may be topping around 6910 and only a break above 6920 could open levels closer to 70.
Trump threatened to impose tariffs on entire import of USD 500 bn from China untill China modifies its policies on technology transfer, subsidy , JV etc.
Today CNH and CNY is relatively strong. Asian equities are mixed. The week ahead is light on economical calendar. Focus will be on fresh development from U.S-China trade concern and European central bank conference.