USD/INR Price News: Eyes 82.00 as investors to discount overnight fall in US Dollar

USD/INR is declining toward 82.00 as investors are yet to discount the overnight sell-off in the USD Index.
Weak US Job Openings data is indicating that the tight US labor market is cooling-off.
S&P500 futures have added nominal gains after a bearish Tuesday, portraying caution in the overall market mood.

Sagar Dua FXStreet

The USD/INR pair is declining towards the immediate support of 82.00 in the Asian session. The major is expected to continue its downside journey as investors are yet to discount overnight sell-off in the US Dollar post-release of the weak United States Jobs Openings data.

After a fifth straight contraction in the US manufacturing sector, the US hiring department has slowed down recruitment amid higher interest rates by the Federal Reserve (Fed). Job Openings have fallen below 10 million for the first time since 2021, which indicates a bleak outlook. This has also fueled fears of a decline in the employment generation data ahead, which could bolster the need of pausing rate hikes sooner.

S&P500 futures have added nominal gains in the Asian session after a bearish Tuesday, portraying caution in the overall market mood. Investors liquidated longs on Tuesday as weak Job Openings data indicates a potential slowdown in the US economy ahead. The US Dollar Index (DXY) is juggling around 101.50 and looks prone to further downside amid an absence of supportive triggers.

The demand for US government bonds has slowed after a sheer upside. The 10-year US Treasury yields have rebounded to near 3.36%.

Going forward, investors will keep an eye on US Automatic Data Processing (ADP) Employment data. According to the estimates, the US economy has added fresh 200K jobs in March vs. an addition of 242K jobs in February. Less-than-anticipated US job data would solidify the fact that the US labor market has started slowing down and Fed chair Jerome Powell could look for keeping rates steady till 5%.

On the Indian Rupee front, higher oil prices are expected to keep it on the back foot. It is worth noting that India is one of the major importers of oil and higher oil prices are expected to increase the current account deficit of India. Also, a power-pack action is expected as Indian markets will open today after the holiday of Mahavir Jayanti on Tuesday.

USD/INR

Overview
Today last price	82.0576
Today Daily Change	-0.0534
Today Daily Change %	-0.07
Today daily open	82.111

Trends
Daily SMA20	82.3061
Daily SMA50	82.3371
Daily SMA100	82.1988
Daily SMA200	81.3519

Levels
Previous Daily High	82.309
Previous Daily Low	82.08
Previous Weekly High	82.441
Previous Weekly Low	82.03
Previous Monthly High	83.0315
Previous Monthly Low	81.512
Daily Fibonacci 38.2%	82.1675
Daily Fibonacci 61.8%	82.2215
Daily Pivot Point S1	82.0244
Daily Pivot Point S2	81.9377
Daily Pivot Point S3	81.7954
Daily Pivot Point R1	82.2533
Daily Pivot Point R2	82.3956
Daily Pivot Point R3	82.4823

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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