Indian Rupee Price News and Forecast: USD/INR attempts recovery from three-month lows

FXStreet Team FXStreet

USD/INR attempts recovery from three-month lows, 71.00 back on sight?

USD/INR is seeing some fresh signs of life in the European trading this Friday, having fallen to the weakest levels in three-months just ahead of the 70.50 level earlier today.

The spot turned green for the first time in five trading sessions after the Indian rupee came under fresh selling pressure on persistent greenback purchases by state-run banks trimmed early gains due to optimism over a US-China trade deal. According to a deal at an Indian state-run bank, “State-run banks have been actively buying dollars from around 70.55 levels, likely on behalf of the RBI.” Read more…

USD/INR

Overview
Today last price	70.6905
Today Daily Change	0.1735
Today Daily Change %	0.25
Today daily open	70.517

Trends
Daily SMA20	71.4422
Daily SMA50	71.2508
Daily SMA100	71.1704
Daily SMA200	70.2519

Levels
Previous Daily High	70.9575
Previous Daily Low	70.517
Previous Weekly High	71.98
Previous Weekly Low	71.1775
Previous Monthly High	72.37
Previous Monthly Low	70.4975
Daily Fibonacci 38.2%	70.6853
Daily Fibonacci 61.8%	70.7892
Daily Pivot Point S1	70.3702
Daily Pivot Point S2	70.2233
Daily Pivot Point S3	69.9297
Daily Pivot Point R1	70.8107
Daily Pivot Point R2	71.1043
Daily Pivot Point R3	71.2512

India: Leading indicator yet to show sign of recovery – Standard Chartered

In view of Kanika Pasricha, economist at Standard Chartered, India’s GDP growth is widely expected to have bottomed out in Q2-FY20 (ended September 2019) at 4.5%, marking its six-and-a-half-year low and to recover in H2-FY20.

Key Quotes

“Our composite leading indicator continued to slow in October, suggesting that growth concerns remain. The indicator shows that the investment slipped more sharply than consumption, with the latter supported by festive-season demand and the impact of key state elections. Consequently, the increase in currency in circulation was much higher than seasonal trends, at INR 700bn in October 2019.” Read more...

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FXStreet Team

FXStreet

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