USD/INR Price Analysis: Indian rupee drops the most since June as Russia roils sentiment

USD/INR prints the biggest daily gains in a fortnight, renews weekly high.
Ukraine pushes global leaders for action against Russian invasion.
Bullish Doji, sustained bounce off 200-DMA keep buyers hopeful.

Anil Panchal FXStreet

USD/INR takes the bids to refresh one-week high around 75.25, posting the biggest daily fall since June 2021 during early Thursday morning in Asia.

In doing so, the Indian rupee (INR) pair justifies the previous day’s Doji candlestick, as well as Monday’s bounce off 200-DMA and 23.6% Fibonacci retracement (Fibo.) of December-January fall.

Adding to the bullish bias is the pair’s latest upside break of the previous support line from January 12.

Above all, the US dollar’s rally on the back of the risk-aversion wave, triggered due to Russia’s military invasion of Ukraine, favors USD/INR buyers.

That said, the 61.8% Fibo. level of 75.50 becomes an imminent target for the USD/INR bulls ahead of the monthly peak surrounding 75.70.

On the contrary, a convergence of the 200-DMA and 23.6% Fibonacci retracement level near 74.40 becomes crucial support.

It’s worth noting that a daily closing below the previous support line near 75.12 may trigger consolidation of the recent gains.

USD/INR: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	75.2511
Today Daily Change	0.5670
Today Daily Change %	0.76%
Today daily open	74.6841

Trends
Daily SMA20	74.9269
Daily SMA50	74.7873
Daily SMA100	74.8479
Daily SMA200	74.3738

Levels
Previous Daily High	74.8319
Previous Daily Low	74.5005
Previous Weekly High	75.7177
Previous Weekly Low	74.5083
Previous Monthly High	75.3425
Previous Monthly Low	73.7283
Daily Fibonacci 38.2%	74.7053
Daily Fibonacci 61.8%	74.6271
Daily Pivot Point S1	74.5124
Daily Pivot Point S2	74.3408
Daily Pivot Point S3	74.181
Daily Pivot Point R1	74.8438
Daily Pivot Point R2	75.0036
Daily Pivot Point R3	75.1752

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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