Indian Rupee Price News and Forecast: USD/INR is trapped in a 30 paise range

RBI to shift its policy stance from accommodative to neutral

Analysts at ING Bank believe that the Reserve Bank of India (RBI) is likely to shift stance from accommodative to neutral in the next policy even though the rate-setting panel may refrain from cutting rates this year.

Key Quotes: “We consider 7% GDP growth a pre-requisite for the RBI to unwind some of its recent policy easing. That’s not on our forecasting horizon out to 2021. A shift in the policy stance to neutral from accommodative is a reasonable starting point for the central bank's next policy meeting in early February.”

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USD/INR Price Analysis: Rupee is trapped in a 30 paise range

Indian Rupee is lacking a clear direction bias since Jan. 13. The currency is largely trapped in the 30 paise trading range of 70.70 per US dollar to 71.00 per US dollar, as seen on the hourly line chart. A channel breakdown would imply a continuation of the sell-off from recent highs near 72.00 and could bring a deeper drop toward 70.00. 

On the flip side, resistance near 70.22 will likely be put to test if the channel is breached to the higher side. Brent oil seems to have formed a temporary bottom below $64 and looks set for a notable price bounce. 

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Today last price 70.9675
Today Daily Change -0.0149
Today Daily Change % -0.02
Today daily open 70.9824
Daily SMA20 71.2498
Daily SMA50 71.3522
Daily SMA100 71.262
Daily SMA200 70.5067
Previous Daily High 71.1675
Previous Daily Low 70.6925
Previous Weekly High 72.57
Previous Weekly Low 70.8485
Previous Monthly High 71.98
Previous Monthly Low 70.328
Daily Fibonacci 38.2% 70.9861
Daily Fibonacci 61.8% 70.8739
Daily Pivot Point S1 70.7274
Daily Pivot Point S2 70.4725
Daily Pivot Point S3 70.2524
Daily Pivot Point R1 71.2024
Daily Pivot Point R2 71.4225
Daily Pivot Point R3 71.6774



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