USD/INR Price News: Indian Rupee bears keep 82.00 on radar with eyes on Fed Minutes

USD/INR picks up bids to reverse the previous day’s pullback from two-week high.
Chatters surrounding RBI intervention near 81.80-90 join oil prices retreat to challenge bulls.
China COVID-19 woes, cautious mood ahead of the key data, FOMC Minutes keep buyers hopeful.
Support for Fed’s 75 bps rate hike, upbeat US data could portray further upside.

Anil Panchal FXStreet

USD/INR stays defensive around 81.75, despite the recent pick-up, as traders await Wednesday’s key data/events amid mixed concerns. Even so, hawkish hopes from the US Federal Reserve (Fed) and the coronavirus fears emanating from China keeps the Indian Rupee (INR) bears hopeful.

That said, the USD/INR pair took a U-turn from the highest levels in a fortnight the previous day amid a broad US dollar pullback. On the same line could be the study by asset manager Invesco, shared by Reuters, suggesting that India has emerged as the second most coveted investment market after the United States for sovereign wealth funds and public pensions funds in 2022.

However, the recovery in the Crude Oil prices and the market’s cautious mood seemed to have favored the INR bears afterward.

Recently, the WTI crude oil retreated to $81.00 amid demand fears due to the COVID-19 woes, as well as chatters surrounding the OPEC+-inspired increase in energy supplies.

It should be noted that China’s daily coronavirus counts head towards the record top marked in April while the virus counts from Beijing, Shanghai and Chongqing also increased. On the same line were headlines from the South China Morning Post (SCMP) quoting Nomura’s Chief Economist Lu Ting as saying, “China’s economic growth next year appears to entirely hinge on a potential exit from its zero-covid policy, and even if such a shift occurs, more pain is inevitable before the real recovery.”

Additionally, market chatters that the Reserve Bank of India (RBI) intervenes around 81.80-90 also seemed to challenge the USD/INR bulls of late.

That said, the USD/INR pair is likely to remain on the bull’s radar but the upside momentum appears limited. Even so, today’s flash readings of November’s activity numbers for the US will precede the US Durable Goods Order for October and the Federal Open Market Committee (FOMC) Meeting Minutes to offer clear signals.

Technical analysis

A daily closing beyond the 21-DMA, around 81.80 by the press time, becomes necessary for the USD/INR bulls.

Additional important levels

Overview
Today last price	81.7756
Today Daily Change	0.0629
Today Daily Change %	0.08%
Today daily open	81.7127

Trends
Daily SMA20	81.7802
Daily SMA50	81.6685
Daily SMA100	80.6349
Daily SMA200	78.7343

Levels
Previous Daily High	82.026
Previous Daily Low	81.5825
Previous Weekly High	81.8516
Previous Weekly Low	80.4685
Previous Monthly High	83.4276
Previous Monthly Low	79.014
Daily Fibonacci 38.2%	81.7519
Daily Fibonacci 61.8%	81.8566
Daily Pivot Point S1	81.5214
Daily Pivot Point S2	81.3302
Daily Pivot Point S3	81.0779
Daily Pivot Point R1	81.965
Daily Pivot Point R2	82.2173
Daily Pivot Point R3	82.4085

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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