The Indian rupee slipped to a fresh record low of 83.21 against the US dollar on Wednesday. The USD/INR could now target 84.20, then 85.90, economists at Société Générale report.

Signals of a meaningful pullback are not yet visible

“Weekly MACD is close to the high achieved in 2020 and diverging away from trigger line denoting an overstretched move, however, signals of a meaningful pullback are not yet visible.”

“Next projections are located at 84.20 and 85.90.”

“Low formed earlier this week at 82.00 must be defended to avert a short-term down move.”