USD/INR: Indian Rupee drops 60 paise in early trade

Indian Rupee tanks in early trade, tracking the oil price rally.
Rupee may slide further if oil continues to rally on fears of a prolonged Saudi production outage.

Omkar Godbole FXStreet Contributor

The Indian Rupee has gapped lower by more than 60 paise in early trade, possibly tracking the oil rally.

The USD/INR pair jumped to 71.67 at the opening bell, having closed 71.01 on Friday.

Brent oil jumped close to 20% in early Asia on fears that Saudi Aramco's production outage may last more than six weeks. The plant came under Drone attack on Saturday.

A rise in oil prices almost always drags the Rupee lower, as India is an oil-importing nation.

The INR may remain under pressure over the next few days if Saudi officials confirm markets' worst fears, sending oil to levels near $75, as predicted by Goldman Sachs.

As of writing, the USD/INR pair is trading at 71.5275, representing 0.72% gain on the day.

Technical levels

USD/INR

Overview
Today last price	71.5275
Today Daily Change	0.4900
Today Daily Change %	0.69
Today daily open	71.0375

Trends
Daily SMA20	71.6893
Daily SMA50	70.4308
Daily SMA100	69.9782
Daily SMA200	70.1369

Levels
Previous Daily High	71.57
Previous Daily Low	70.8495
Previous Weekly High	72.19
Previous Weekly Low	70.8495
Previous Monthly High	72.375
Previous Monthly Low	68.849
Daily Fibonacci 38.2%	71.2948
Daily Fibonacci 61.8%	71.1247
Daily Pivot Point S1	70.7347
Daily Pivot Point S2	70.4318
Daily Pivot Point S3	70.0142
Daily Pivot Point R1	71.4552
Daily Pivot Point R2	71.8728
Daily Pivot Point R3	72.1757

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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