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The pair is still indicating bearish trend on daily charts - HDFC Securities 

USDINR

Technical Observations:

USDINR November futures, have witnessed rebound towards 20 EMA nearing resistance level at 38.2% retracement levels.

The pair is still indicating bearish trend on daily charts over sharp fall in past week with prices trading below 20 EMA.

Momentum oscillator, Relative Strength Index of 14 days period turned weak on daily chart with RSI line pierced below average line.

USDINR November futures has support at 74.20, and resistance at 74.75 for short term.

We expect pair to trade weak for the day respecting key resistance levels at 74.75. Sell on rise is advisable for the day

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