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USD/INR: Bulls may surpass all-time highs around 77.20 on boiling oil prices and consistent FII withdrawal

USD/INR hits all-time high at 77.17 on rising crude oil prices and consistent withdrawal from FIIs.
The Indian rupee will continue to depreciate further as a rally in oil prices is far from over.
The expectation of stagflation in Europe is haunting the developing economies.

Sagar Dua FXStreet

The USD/INR has claimed an all-time high of 77.17 on Tuesday as the rising crude oil prices have trimmed the potential of the Indian rupee against the mighty greenback.

India, being a major importer of crude oil has to face significant outflows in addressing higher crude oil prices. West Texas Intermediate (WTI) oil prices near $125.00, indicating a wider fiscal deficit for India going forward. The rally in crude oil is far from over and Indian equities may face some serious plunge in their margins in the upcoming earnings season.

Apart from the surging oil prices, Foreign Institutional Investors (FII) are continuously withdrawing their funds over the geopolitical tensions. Intensifying fears amid the Russia-Ukraine war has advocated a situation of stagflation in Europe. The old continent, being a leading market for India, will affect the latter's fiscal revenue and henceforth hurt the Indian rupee.

Meanwhile, the Ukrainian President has agreed to Russia’s condition in which Kyiv would withdraw its application of membership to NATO. This has brought a follow-up buying in global equities but risk-sensitive currencies need more assurance.

The US dollar index (DXY) is juggling around 99.10 as investors await a fresh trigger that may bring stimulus for further direction.

The headlines from the Ukraine crisis will continue to remain a key driver for the pair. However, investors will also focus on US Consumer Prices Index (CPI) numbers, which are due on Thursday.

USD/INR

Overview
Today last price	76.9219
Today Daily Change	-0.0210
Today Daily Change %	-0.03
Today daily open	76.9429

Trends
Daily SMA20	75.4555
Daily SMA50	74.8805
Daily SMA100	74.9207
Daily SMA200	74.517

Levels
Previous Daily High	77.1725
Previous Daily Low	76.7523
Previous Weekly High	76.5237
Previous Weekly Low	75.0554
Previous Monthly High	75.9006
Previous Monthly Low	74.3785
Daily Fibonacci 38.2%	76.9128
Daily Fibonacci 61.8%	77.012
Daily Pivot Point S1	76.7393
Daily Pivot Point S2	76.5357
Daily Pivot Point S3	76.3191
Daily Pivot Point R1	77.1595
Daily Pivot Point R2	77.3761
Daily Pivot Point R3	77.5797

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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USD/INR

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