INR opens 71.69 as against Wed close of 72.19. Range for the day is 71.60 to 72.00. Technically, if INR closes below 71.68, we may see some more gains. Otherwise for sometime the range is 71.10 to 72.50.
Since Wed, so many things have happened which are good for INR. – Healthy IIP, low inflation, lower than expected trade deficit, strong statements by policy makers. Even on global side, US and CHINA are said to be restarting talk, crude saw a good slide down and even USD saw profit booking. It is worth thinking whether it is a mere coincidence or well orchestrated plan that so many positive things, both local and global, happen at the same time. We have seen similar pattern on announcement of negative news.