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.”

Read more ...

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. 

Read more ...

USD/INR

Overview
Today last price 70.9675
Today Daily Change -0.0149
Today Daily Change % -0.02
Today daily open 70.9824
 
Trends
Daily SMA20 71.2498
Daily SMA50 71.3522
Daily SMA100 71.262
Daily SMA200 70.5067
 
Levels
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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD trying to set an interim bottom

EUR/USD has been consolidating around 1.0800 for a second consecutive day, ignoring risk-off and broad dollar’s demand. The case for a corrective advance becomes stronger.

EUR/USD News

USD/JPY stabilizes around 112.00 fresh 2020 highs

The USD/JPY pair has finally stalled at 112.22 but holds on to most of its latest gains. Buyers defending the downside in the 111.60/70 price zone.

USD/JPY News

AUD/USD at an over one-decade low near 0.6600

An uptick in the Australian unemployment rate, moving further away from RBA’s desired 4.5% level took its toll on the Aussie, also pressured by ruling risk-off.

AUD/USD News

Gold jumps to the highest level since February 2013, around $1620 area

Gold reversed an early dip to the $1604 area and jumped to fresh multi-year tops during the mid-European session on Thursday.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures