USD/INR has retracted after hitting the upper band of recent consolidation zone at 75.55/75.70. Although this level remains an interim hurdle, economists at Société Générale expect the pair to lurch higher towards 76.40 and last year's high of 77.00.

Ascending trend line at 74.20 provides support

“Ascending trend line at 74.20 should provide support.”

“The up move could persist towards 76.40 and last year's high of 77.00.”