I have been tracking USDINR since august.
I am smol and I'm not a professional.
I trade all F&O, Equity, Commodity and Currency.
I follow a Strict Trading Plan, , Index's Price Action, Technical and Fundamentals.
Pardon me if I'm being late for your reply. I don't always being connected to the internet but I will try my level best to communicate with your each point.
Following crude oil bearish zone, Indian indexes was lookin bearish after a big bullish trend of this week at this position a profit booking can expected because of so much negative news remain unsolved in this week but it never happened instead all Indian index closed in positive and INR's depreciation ingored.
following this trend USDINR should be at 71.20 but it went up to 72.020 day's high.
Also Today's economic calendar was a big header and little tricky.
US Dollas index was in bullish trend.
Indian WTI inflation was negative.
US retail inflation was positive. There are so many economic sentiment was in favor of USD.
4 hours Technical chart 1 hour, 30,15 mins chart was looking bearish for INR and also respecting the same bearish trend line on every pullback happens So above all the analysis I choose to go long.
USDINR at 68,69,70 again will take long time. People are having 5 years target USDINR at 75.
In my opinion USDINR will fluctuate between 70.50 to 74.50. and 68,69 position is abandoned and forgotten till 2019 election confirms and new government takes charge.
Check out @HariRamKumar 's chart here how trend line respected and the strong pattern showing up trend