USD/INR Price News: Drops towards 21-DMA support, Wednesday’s RBI in focus

USD/INR remains sold-off into the oil price retreat and easing USD.
Wednesday’s RBI meeting remains focus, with another rate hike due.
Bullish 21-DMA could rescue bulls, as RSI still remains above the midline.

Dhwani Mehta FXStreet

USD/INR is reversing Friday’s rally, having met resistance near the 77.70 region, as sellers remain in control so far this Monday.

The Indian rupee benefits from the retreat in oil prices while a pause in the US dollar rebound across the board also collaborates with the renewed downside in the pair.

The dollar eases amid the upbeat market mood, as Beijing is set on a gradual covid reopening path this week. The pullback in oil prices is also helping calm the market nerves.

The spot rallied hard on Friday, tracking the dollar gains after the US labor market report eased market concerns over an economic slowdown.

All eyes remain on Wednesday’s Reserve Bank of India’s (RBI) monetary policy decision for the next big move in the USD/INR pair.

Technically, USD/INR is looking to retest the bullish 21- Daily Moving Average (DMA) at 77.54 on its way south once again.

If the latter is cleared on a sustained basis, then a drop towards Friday’s low of 77.38 will be inevitable.

The last line of defense for bulls is seen at the round figure of 77.00.

The 14-day Relative Strength Index (RSI) has turned south but remains well above the midline, suggesting that the retreat appears capped.

USD/INR: Daily chart

Alternatively, if the 21-DMA support holds fort, then a rebound towards the previous week’s high of 77.73 will be in the offing.

The next critical resistance is aligned at 77.89, which is the falling trendline hurdle.

USD/INR: Additional levels to consider

USD/INR

Overview
Today last price	77.6414
Today Daily Change	-0.0530
Today Daily Change %	-0.07
Today daily open	77.6944

Trends
Daily SMA20	77.5386
Daily SMA50	76.7321
Daily SMA100	76.0716
Daily SMA200	75.3051

Levels
Previous Daily High	77.7323
Previous Daily Low	77.3791
Previous Weekly High	77.9419
Previous Weekly Low	77.3791
Previous Monthly High	78.12
Previous Monthly Low	75.9846
Daily Fibonacci 38.2%	77.5974
Daily Fibonacci 61.8%	77.514
Daily Pivot Point S1	77.4716
Daily Pivot Point S2	77.2487
Daily Pivot Point S3	77.1184
Daily Pivot Point R1	77.8248
Daily Pivot Point R2	77.9551
Daily Pivot Point R3	78.178

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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