Here's a profile chart of the USD-INR.
The index has been at the higher end of the recent bracket and is ready to put in a big move sometime in the next one-two sessions.
On the 10th of May, the index was pushed lower from 54.13 by a full point to 53.14, a move equivalent to a Nifty movement of 200 points in a day.
However the seller was not able to sustain the index lower and the USD-INR was promptly back at the low volume point of 53.90 the very next day ( pink line in the chart)
Even today we have had value created higher.
The flow of value seems to suggest that should the index stay above 53.98 tomorrow it has a good chance to go to 54.55.