USD/INR set to drift lower for a challenge of the 72.90 mark – SocGen
|The Indian rupee is among the best performers, with a gain of 1.3% since Powell’s comments last week. USD/INR closed below the 200-day moving average (DMA) on Monday and could retest 72.90 if the flattening in US yields extends, economists at Société Générale report.
Resistance seen at the 74.00/30 region
“USD/INR has given up its 50-DMA and 200-DMA pointing towards lack of upside momentum.”
“The pair could drift towards 72.90, the 78.6% retracement from May.”
“Low formed earlier this year at 72.20 could be an important support.”
“Short-term resistance is located at 50-DMA near 74.00/74.30.”
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