Indian Rupee Price News: USD/INR meets support near 71.50, looks to trade, Powell
|- USD/INR keeps the offered tone below the 72.00 mark.
- Focus of attention in the EM FX space remains on trade.
- WPI Inflation came in below forecasts in October.
The Indian Rupee keeps the positive performance unchanged so far on Thursday, taking USD/INR to the mid-71.00s where it met some decent support for the time being.
Indian Rupee attention on trade, Powell
The pair’s rally since the beginning of the month remains well in place despite the ongoing correction, managing to gain nearly 2.5% since monthly lows in the 70.60 area.
In fact, trade concerns have been weighing on INR as well as on the rest of the EM universe as of late amidst a strong recovery in the greenback on the back of positive results from the US docket and the ‘wait-and-see’ stance from the Federal Reserve.
In the domestic calendar, Wednesday’s inflation figures tracked by the CPI in India showed consumer prices rose 4.62% on a year to October, bettering estimates and up from September’s 3.99% advance. Earlier in the day, Whole Price Index Inflation rose 0.16% over the last twelve months, coming in short of forecasts.
There is no news from the RBI following the October interest rate cut, all amidst the broad accommodative stance from the central bank and with the domestic exports sector under pressure against the backdrop of trade tensions and global slowdown.
USD/INR levels to watch
As of writing the pair is losing 0.40% at 71.76 and faces the next support at 71.56 (low Nov.14) seconded by 71.23 (55-day SMA) and then 70.66 (monthly low Nov.5). On the flip side, a breakout of 72.08 (monthly high Nov.12) would expose 72.26 (2019 high Sep.3) and finally 74.52 (2018 high).
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