USD/INR: Indian rupee rises for the fourth consecutive day

  • 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.

Technical levels


Today last price 72.7207
Today Daily Change -0.2933
Today Daily Change % -0.40
Today daily open 73.014
Daily SMA20 72.8287
Daily SMA50 73.0236
Daily SMA100 73.4828
Daily SMA200 74.0275
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



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