USD/INR: Indian rupee hits highest since Aug. 14


  • Indian Rupee (INR) has hit the highest level since Aug. 14. 
  • The INR could remain bid in the near-term due to risk reset in markets. 

Indian Rupee (INR) picked up a bid in early trade on Friday to hit a one-month high of 70.90 against the US Dollar

The INR is looking strong at press time, having gained 0.45% and 0.85% on Wednesday and Thursday, respectively. The pair had risen to a high of 72.4025 on Sept. 3. 

The Indian Rupee is gaining ground amid rising odds of a rate cut by the Reserve Bank of India in October. Analysts at Morgan Stanley expect the central bank to cut rates by 35 basis points next month. 

The central bank has cut rates four times this year, starting from February. 

INR to benefit from risk-on

Both Indian Rupee and Brazilian Real are likely to gain ground on the easing US-China trade tensions and the resulting risk reset in the financial markets, Zach Padl, Co-head of FX, Rates and EM Strategy at Goldman Sachs told Bloomberg. 

Goldman Sachs, however, believes the trade talks are unlikely to result in a permanent deal. The US and Chinese negotiators are to meet next week to address trade issues, Vice Premier Liu He reportedly said earlier today. 

Technical levels

USD/INR

Overview
Today last price 70.9355
Today Daily Change -0.0535
Today Daily Change % -0.08
Today daily open 70.989
 
Trends
Daily SMA20 71.6945
Daily SMA50 70.379
Daily SMA100 69.9663
Daily SMA200 70.1387
Levels
Previous Daily High 71.8425
Previous Daily Low 70.8735
Previous Weekly High 72.6325
Previous Weekly Low 71.4535
Previous Monthly High 72.375
Previous Monthly Low 68.849
Daily Fibonacci 38.2% 71.2437
Daily Fibonacci 61.8% 71.4723
Daily Pivot Point S1 70.6275
Daily Pivot Point S2 70.266
Daily Pivot Point S3 69.6585
Daily Pivot Point R1 71.5965
Daily Pivot Point R2 72.204
Daily Pivot Point R3 72.5655

 

 

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