The Indian Rupee continues to lose ground to the USD in Forex and as of this morning a value of 79.8700 is being demonstrated. Speculative conditions are ripe within the USD/INR currency pair as higher price action is likely causing technical traders to wonder if the 80.0000 mark is going to be challenged again. In the middle of July the USD/INR was able to trade above the 80.0000 reaching an apex of nearly 80.2200 temporarily on the 14th of the month.
Even if the USD/INR is overbought it could go higher via Speculative Conditions
The middle of last week shook the USD/INR from a seemingly polite trading range, in which reversals lower were starting to signal evidence that the long term bullish streak from the forex pair might be slowing. The short term trend however was proven wrong and nervous sentiment emerged again within financial institutions as whispers about more hawkish U.S Federal Reserve policy was discussed.
