USD/INR hits fresh weekly tops at 71.50 as Indo-Pak tensions escalate

Escalating Indo-Pak tensions knock-off the Rupee, 72.00 back on sight.
Eyes on Indo-Pak- related headlines, Powell’s testimony and US data for fresh impetus.

Dhwani Mehta FXStreet

The Indian National Rupee (INR) extended losing streak versus the US dollar into a third day today, prompting the USD/INR cross to refresh fresh six-day tops at 71.50 levels. At the press time, the cross trades +0.50% higher at 71.35.

The latest leg down in the Indian currency can be mainly attributed to escalating geopolitical tensions between India and Pakistan after both the sides exchanged fire along their contested border in Kashmir. The USD/INR pair picked up bids on the reports and rallied from 70.91 levels to the midpoint of the 0.71 handle.

On Tuesday, Indian warplanes struck inside Pakistan on a militant training base for the first time since a war in 1971, avenging a suicide car bombing by Pakistan-based militants in Indian-controlled Kashmir that killed at least 40 policy personnel on Feb. 14.

Looking ahead, softer risk tones are likely to prevail, as the focus will remain on the developments around the Indo-Pak geopolitics while the round 2 of Fed Chair Powell’s testimony will be also eyed for fresh dollar trades.

USD/INR Technical Levels

Overview:
    Today Last Price: 71.355
    Today Daily change: 40 pips
    Today Daily change %: 0.56%
    Today Daily Open: 70.955
Trends:
    Daily SMA20: 71.1647
    Daily SMA50: 70.7584
    Daily SMA100: 71.4885
    Daily SMA200: 70.6043
Levels:
    Previous Daily High: 71.455
    Previous Daily Low: 70.8114
    Previous Weekly High: 71.71
    Previous Weekly Low: 70.9205
    Previous Monthly High: 71.64
    Previous Monthly Low: 69.185
    Daily Fibonacci 38.2%: 71.2091
    Daily Fibonacci 61.8%: 71.0573
    Daily Pivot Point S1: 70.6926
    Daily Pivot Point S2: 70.4302
    Daily Pivot Point S3: 70.049
    Daily Pivot Point R1: 71.3362
    Daily Pivot Point R2: 71.7174
    Daily Pivot Point R3: 71.9798

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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