Yesterday USD- INR July series opened at 47.95 & rose to 48.1325 to register the high of the day. It then continued to decline to make the low of the day at 47.81 & finally closed the day at 48.07.We see 48.45 as resistance & 47.35 as support for the day.We continue to hold the view that it has one down to 46.60. However the current down leg started since 23rd June is the terminal leg of very large pattern. Therefore it warrants a strict stop for any shorts.