Indian Rupee Price News and Forecast: USD/INR pulls back from nine-day high as news from S&P dims risk-off, RBI in focus

USD/INR Technical Analysis: Bullish bias intact

The path of least resistance for the USD/INR pair is to the higher side. The 4-hour chart shows the pair is breaking higher from the bull flag, signaling a continuation of the move higher from the recent lows near 71.24.

The flag breakout has opened doors for a rally to 72.48 (target as per the measured move method). On the way higher, the pair may encounter resistance at the Nov. 29 high of 71.8680.  

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USD/INR pulls back from nine-day high as news from S&P dims risk-off, RBI in focus

USD/INR drops to the intra-day low of 71.71 during the initial trading session of the Indian markets on Wednesday. The pair earlier surged to the nine-day high amid increasing global trade pessimism. Though, news from S&P offered a sigh of relief to the Indian traders.

As per the tweet from India’s Economic Affairs Secretary Atanu Chakraborty, the global rating agency S&P reaffirmed the sovereign rating of India at BBB- with a stable outlook. The news received a good response from Indian rupee (INR) Bulls as another rating giant, Moody’s, cut the Asian nation’s credit rating outlook to negative during last month.

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Today last price 71.72
Today Daily Change -0.0660
Today Daily Change % -0.09
Today daily open 71.786
Daily SMA20 71.6394
Daily SMA50 71.2426
Daily SMA100 71.0251
Daily SMA200 70.2405
Previous Daily High 71.826
Previous Daily Low 71.5275
Previous Weekly High 71.8815
Previous Weekly Low 71.2255
Previous Monthly High 72.37
Previous Monthly Low 70.4975
Daily Fibonacci 38.2% 71.712
Daily Fibonacci 61.8% 71.6415
Daily Pivot Point S1 71.6003
Daily Pivot Point S2 71.4147
Daily Pivot Point S3 71.3018
Daily Pivot Point R1 71.8988
Daily Pivot Point R2 72.0117
Daily Pivot Point R3 72.1973



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