Since October 2022, the USDINR currency pair has exhibited a notable compression in its trading range, with a significant resistance level observed around 83. This range-bound movement has attracted the attention of market participants, and it appears that the Central Bank has been closely monitoring this situation. As of the most recent data, the USDINR price stands at 82.84, having broken through the trading range's upper limit. The upcoming Reserve Bank of India (RBI) monetary policy announcement on August 10th is eagerly anticipated by investors, adding an additional layer of significance to this breakout.
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