Analysts see Rupee hitting 85 levels; Fibonacci charts, too, show weakness

As per the weekly Fibonacci chart, the Rupee can depreciate to 82 - 82.20 - 82.40 during the week. However, in case the currency sustains below 81.55-level a corrective move to 80.50 seems possible.

The Indian Rupee recovered partially to 81.4588 levels on Tuesday, after opening stronger at 81.4875. The rupee witnessed a sharp 64-paise decline against the US dollar on Monday to hit a fresh low. The INR ended the day's trade on Monday at 81.63 versus the dollar against the previous close at 80.99. It was for the first time that the rupee has settled the day's trade beyond the 81 mark. Intraday, it hit a low of 81.66 per dollar.

Since September 2021, the rupee has depreciated 9.7 per cent against the dollar, data show. On a year-to-date (YTD) basis, it