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.

Omkar Godbole FXStreet Contributor

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

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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