USD/INR fails to hold above 71.00, approaches weekly lows


  • US dollar accelerates broad-based slide during the American session. 
  • US and China sign trade agreement at the White House. 

The USD/INR pair rose earlier today to 71.10, reaching a three-day high but failed to hold and pulled back. As of writing, it trades near 70.70, in negative territory for the day and erasing Tuesday's gains. 

The US dollar triggered the decline on Wednesday. The greenback weakened across the board amid lower US yields and an improvement in risk appetite. Wall Street is at record highs. Data from the US (PPI and Empire manufacturing) was mostly ignored by market participants that are awaiting the details on the US-China trade deal. The signing ceremony is taking place at the time of writing.

INR outlook 

“The Indian rupee experienced a rocky start of 2020 caused by the increasing geopolitical tensions between the US and Iran. However, the tensions, for now, have subsided somewhat and the INR recovered from elevated levels of 72 seen early January. We expect the INR to continue strengthening against the USD in the upcoming months to levels between 70 and 71,” explained Rabobank analysts. 

By mid-2020 at Rabobank, they expect the USD/INR to slide to 72-73, caused by recessionary risks in the US, renewed trade tensions between China and the US and an underwhelming performance of the Indian economy due to a lack of structural reforms in the past. 

USD/INR

Overview
Today last price 70.72
Today Daily Change -0.1775
Today Daily Change % -0.25
Today daily open 70.8975
 
Trends
Daily SMA20 71.2735
Daily SMA50 71.3588
Daily SMA100 71.2797
Daily SMA200 70.4892
 
Levels
Previous Daily High 71.05
Previous Daily Low 70.5875
Previous Weekly High 72.57
Previous Weekly Low 70.8485
Previous Monthly High 71.98
Previous Monthly Low 70.328
Daily Fibonacci 38.2% 70.8733
Daily Fibonacci 61.8% 70.7642
Daily Pivot Point S1 70.64
Daily Pivot Point S2 70.3825
Daily Pivot Point S3 70.1775
Daily Pivot Point R1 71.1025
Daily Pivot Point R2 71.3075
Daily Pivot Point R3 71.565

 

 

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