USD/INR extends uptrend toward 90.80–91.00 – Société Générale

USD/INR remains in a firm uptrend after July’s breakout, with scope to test the upper channel at 90.80–91.00, Société Générale's FX analysts note.

Rupee under pressure as Dollar rally stretches higher

"USD/INR has experienced a steady uptrend after breakout from a base in July. It has carved out an interim high near 90.45 earlier this week. While the move appears somewhat stretched, there are no clear signals of a reversal yet."

"If a short-term pullback occurs, the 50-DMA near 88.70 is likely to be an important support. The next objective could be located near the upper limit of a multi-month channel at 90.80/91.00."