- Indian rupee completes recovery from last Friday sell-off.
- USD/INR holding under 72.80, next support at 72.55.
The USD/INR is falling on Thursday for the fourth consecutive day. It bottomed at 72.58, the lowest level in a week. As of writing, it trades at 72.72, down 0.25% for the day and far from the 74.04 peak of last Friday.
The recovery of the Indian rupee took place as emerging market currencies rose versus the US dollar even as world equity markets did not show confidence. Ongoing concerns in Wall Street, reflected mainly on the Nasdaq index on Thursday (is falling by more than 1%) could limit the rally of the Indian rupee.
Economic data from the US came slight better-than-expected with the jobless claims report. Now traders await the words of Fed’s Chair, Jerome Powell. Market participants will focus on what he says about recent developments in the bond market.
USD/INR downtrend reaffirmed but…
The bearish move that started in USD/INR back in April is still in place. The pair offered resistance at the upper limited of the bearish channel, and the price is now near the monthly lows after a sharp recovery of the Indian rupee.
The next critical level is the 72.50/55 area. A break lower would clear the way for a test of the recent low at 72.20, and below, there is not much until 72.00.
The sharp decline could suggest some consolidation ahead, probably between 72.55 and 73.50. From a wider perspective, the negative bias will persist as long as it trades under 74.00.
|Today last price||72.7207|
|Today Daily Change||-0.2933|
|Today Daily Change %||-0.40|
|Today daily open||73.014|
|Previous Daily High||73.3064|
|Previous Daily Low||72.7453|
|Previous Weekly High||74.1841|
|Previous Weekly Low||72.1719|
|Previous Monthly High||74.1841|
|Previous Monthly Low||72.1719|
|Daily Fibonacci 38.2%||72.9596|
|Daily Fibonacci 61.8%||73.0921|
|Daily Pivot Point S1||72.7374|
|Daily Pivot Point S2||72.4608|
|Daily Pivot Point S3||72.1763|
|Daily Pivot Point R1||73.2985|
|Daily Pivot Point R2||73.583|
|Daily Pivot Point R3||73.8596|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.