The Indian rupee faced a marginal correction of 6 paise after making a positive opening and is trading at 82.71 against the US dollar during intraday on Thursday. The currency opened at 82.65 and is currently trading in the range of 82.60 to 82.85 against the US dollar. The rupee had ended the previous trading session at 82.63 on Wednesday.
“Recovery attempts were limited to 82.65 with the moves remaining lacklustre. Continue to expect dips to 82.5 followed by upswings, but unless 82.8 gives away, expect renewed attempts to break down, aiming 82.2,” said Anand James, Chief Market Strategist at Geojit Financial Services.
“The USDINR 26 September futures contract traded within a confined range, positioned below its 82.95 moving average support on the daily chart. Negative MACD divergence and an RSI below 50 underline the weakening trend. With notable resistance around 82.95, breaching and sustaining above this level is crucial for strength; otherwise, a revisit of 82.66-82.45 support is likely. Watch 82.66-82.95 for potential positions as a breakout will guide the next directional move,” said Rahul Kalantri, VP Commodities, Mehta Equities.