Indian Rupee Price News and Forecast: INR rises on foreign banks’ dollar sale
|USD/INR Technical Analysis: Can the buyers revisit the 72.30 level ?
USD/INR daily chart
USD/INR is trading in a bull trend above the main daily simple moving averages (DMAs). The market created a bull flag in November and now the price is consolidating below the 72.00 handle.
USD/INR four-hour chart
A break above the 71.90 resistance can lead to an acceleration towards the 72.30 level in the medium term. However, a breach below 71.60 on a daily basis can see the currency pair retrace down to the 71.25 support level.
USD/INR hits three-day lows near 71.50, focus shifts to RBI
The Indian rupee extends gains for the second straight day on Tuesday, as USD/INR retreats further from five-day highs of 71.87 reached last Friday. At the time of writing, the spot has managed to bounce off the 71.50 support and trades near 71.65 region, +0.10% on the day.
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