Dollar rupee future this week closed at 65.54 with loss. This was first weekly loss for US dollar against rupee after last 3 weeks short covering rally. This week dollar rupee future hit high at 65.9 and recorded low at 65.13. Total 0.80 rupee range and some retracement for rupee on RBI action.
Dollar rupee on weekly chart is in uptrend with strong momentum after long term breakout in last week around 65.3 rupee levels. On downside 65.35 is 50 weeks average level and first major and long term support zone on weekly closing basis. Below that 65 is 5 weeks average and 64.72 is 20 weeks average level and last support for this dollar recovery rally. RSI is now at above 59 with fresh long term buy signal while MACD is below zero with bullish crossover.
Dollar rupee future for October series opened strong and hit high of 65.9 rupee on upside. On downside 65.2 is major support and above it US dollar will remain strong and buy on dips for bullish targets of 66.15 and then 67.25 rupee in this month.