Indian Rupee price News: USD/INR recedes from tops beyond 72.00

USD/INR retreats from highs above the 72.00 handle.
Recent CPI figures surprised to the upside.
WPI rose less than expected in October.

Pablo Piovano FXStreet

The Indian currency is now picking up some traction and drags USD/INR to fresh lows in sub-72.00 levels.

US Dollar / Indian Rupee looks to US data, Powell

After moving to fresh 2-month tops in the area just above 72.00 the figure on Wednesday, the pair is now facing some downside pressure on the back of the offered bias in the greenback.

In the docket, Wednesday’s inflation figures tracked by the CPI in India showed consumer prices rose 4.62% on a year to October, surpassing estimates and up from September’s 3.99% gain. Earlier on Thursday, Whole Price Index rose 0.16% on a yearly basis, coming in short of forecasts.

In the meantime, spot keeps the November rally well and sound so far, advancing from the 70.60 region to Wednesday’s tops above 72.00.

There is no news from the RBI following the October interest rate cut, all amidst the broad accommodative stance from the central bank and with the domestic exports sector under pressure against the backdrop of trade tensions and global slowdown.

USD/INR levels to watch

As of writing the pair is losing 0.23% at 71.92 and faces the next support at 71.60 (high Oct.16) seconded by 71.23 (55-day SMA) and then 70.66 (monthly low Nov.5). On the flip side, a breakout of 72.08 (monthly high Nov.12) would expose 72.26 (2019 high Sep.3) and finally 74.52 (2018 high).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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