USD/INR Price News: Declines below the 81.60 cushion as risk-on profile cripples US Dollar

USD/INR is expected to display sheer losses as it has surrendered the critical support of 81.60.
The 10-year US Treasury yields have dropped to near 3.66% as investors see no 75 bps rate hike move ahead.
Weaker oil prices and firmer Indian indices have strengthened the Indian rupee bulls.

Sagar Dua FXStreet

The USD/INR pair has slipped below the critical support of 81.60 in the Asian session. The asset has surrendered the aforementioned support ahead as overall optimism in the currency market is leading to a sell-off for the US Dollar at rallies.

The US dollar has delivered a downside break of the consolidation formed in a narrow range of 105.84-1.5.94 in the early Tokyo session. The mighty US Dollar is expected to retest Thursday’s low at 105.64. Meanwhile, the 10-year US Treasury yields have started their downside journey and have dropped to near 3.66% as investors see no continuation of the 75 basis points (bps) rate hike regime after the release of the Federal Open market Committee (FOMC) minutes.

On the Indian rupee front, the return of Foreign Institutional Investors (FIIs) to Dalal Street as Nifty50 has reached near its all-time highs has strengthened the Indian rupee. As FIIs are pouring funds into the Indian equity markets due to an improvement in risk appetite theme, foreign reserves in India are escalating.

Apart from that, a sheer decline in oil prices due to rising infections of Coronavirus in China has also infused fresh blood into the Indian rupee bulls. It is worth noting that India is one of the leading importers of oil and lower oil prices would result in a lower outlay of funds from the Indian financial system.

USD/INR

Overview
Today last price	81.6275
Today Daily Change	-0.0885
Today Daily Change %	-0.11
Today daily open	81.716

Trends
Daily SMA20	81.7225
Daily SMA50	81.75
Daily SMA100	80.6862
Daily SMA200	78.801

Levels
Previous Daily High	81.89
Previous Daily Low	81.5755
Previous Weekly High	81.8516
Previous Weekly Low	80.4685
Previous Monthly High	83.4276
Previous Monthly Low	79.014
Daily Fibonacci 38.2%	81.7699
Daily Fibonacci 61.8%	81.6956
Daily Pivot Point S1	81.5644
Daily Pivot Point S2	81.4127
Daily Pivot Point S3	81.2499
Daily Pivot Point R1	81.8789
Daily Pivot Point R2	82.0417
Daily Pivot Point R3	82.1934

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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