The dollar-rupee pair outdid our near term expectation to record a peak at Rs 42.2 on Tuesday. A five-wave move is nearing completion from the Rs 39.6 trough. The near term targets for this move are Rs 42.35 or Rs 42.5. An extension can pull the currency pair towards Rs 42.87. However, a sideways move between Rs 41.5 and Rs 42.5 is quite likely for a few sessions. A close below Rs 41.1 is needed to negate the positive near term outlook.
Supports – 41.25, 41.10, 40.85
Resistances – 42.55, 42.78, 42.95
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