I have already tried the following syntax besides clearing the browser cache but still defaults to same status as in Current Status field.
default="RE"
default="Resolved"
default="code='RE'"
<PDM_MACRO name=dtlDropdown hdr="New Status" attr=status default="Resolved" evt="onBlur=\\\"detailSyncEditForms(this);\\\" onChange=\\\"make_desc_required(this)\\\"" factory=crs_cr initial="!default_trans_code!" lookup="no">
<PDM_MACRO name=dtlDropdown hdr="New Status" attr=status default="Resolved" evt="onBlur=\\\"detailSyncEditForms(this);\\\" onChange=\\\"make_desc_required(this)\\\"" factory=crs_cr initial="!def_code!" lookup="no">