INR opens weaker at 72.47 as against Fri close of 72.19 and may trade in range of 72.10 to 72.60.
Someday the developments suggests further weakness and on other day it suggests possibility of gains. It is testing time for us. We still believe that right now INR is in consolidation phase and may not see weakness beyond 72.80-72.90. Only a close above 72.80 could negate the view. This is for short terms. Long term, the bias is still for weakness.
Local weakness in equity added to weakness on Friday. Overnight global developments like cancellation of US- China meeting, OPEC not announcing any supply boost has resulted in further weakness in INR. Even in UK, there is fresh uncertainty on BREXIT bill.
Today most Asian markets are closed.
Plain options is the way to go to hedge!