• USD/INR takes the bids to refresh weekly top, up for the fourth consecutive day.
  • India daily covid infections rise, WTI crude oil pokes 2021 top.
  • US Treasury yields refresh multi-day peak, India bond coupons follow the suit.

USD/INR leaps to 74.41, up 0.20% intraday during the fourth consecutive day of an upside momentum amid early Tuesday.

The Indian rupee (INR) pair tracks the US Treasury yields and firmer oil prices to extend the north-run towards the monthly peak.

That said, the US 10-year and 5-year Treasury yields refresh two-year highs while the 2-year bond coupon jumps to the February 2020 levels at the latest. Also portraying the risk-off mood is the S&P 500 Futures drop 0.45% by the press time.

“The yield on the benchmark 6.10% bond maturing in 2031 is likely to trade in the 6.62%-6.66% band today, a trader with a private bank said. The note ended at 96.27 rupees, yielding 6.64%, the highest since Jan. 20, 2020, yesterday. The Indian rupee was at 74.24 per dollar yesterday,” said Reuters.

It’s worth noting that the WTI crude oil prices rise around 1.0% around $85.00 while poking the year 2021 peak, posted in October.

Elsewhere, escalating virus woes in Asia-Pacific also weigh on the INR. While Australia reports the biggest daily death toll due to the covid, China braces for tighter activity controls in Tianjin. Further, Japan’s Tokyo also braces for quasi-emergency together with the other nine prefectures. At home, India reports 682 fresh cases of Omicron versus 466 posted yesterday.

That said, the risk-off mood propels USD/INR prices and the same is likely to keep the pair buyers hopeful ahead of the next week’s Federal Open Market Committee (FOMC) meeting. For today, US NY Empire State Manufacturing Index for January and NAHB Housing Market Index will decorate the calendar.

Technical analysis

A clear upside break of the 200-DMA level of 74.27 directs USD/INR bulls towards the 100-DMA level of 74.56 and then to the monthly peak of 74.68. Alternatively, pullback moves remain elusive until staying beyond 74.27.

Additional important levels

Today last price 74.3985
Today Daily Change 0.1323
Today Daily Change % 0.18%
Today daily open 74.2662
Daily SMA20 74.5192
Daily SMA50 74.8295
Daily SMA100 74.547
Daily SMA200 74.281
Previous Daily High 74.3543
Previous Daily Low 74.1337
Previous Weekly High 74.4219
Previous Weekly Low 73.7283
Previous Monthly High 76.5958
Previous Monthly Low 74.1065
Daily Fibonacci 38.2% 74.27
Daily Fibonacci 61.8% 74.218
Daily Pivot Point S1 74.1485
Daily Pivot Point S2 74.0308
Daily Pivot Point S3 73.9279
Daily Pivot Point R1 74.3691
Daily Pivot Point R2 74.472
Daily Pivot Point R3 74.5897



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