USD/INR Price News: Indian rupee looks north, risk-off may play spoilsport

  • USD/INR's break below 100-day SMA suggests scope for continued gains in the rupee. 
  • A pullback in stocks from record highs could yield temporary dollar strength.

The USD/INR pair closed below the 100-day Simple Moving Average (SMA) of 74.15 on Wednesday, paving the way for stronger gains in the Indian rupee in the near-term. 

The Indian currency has risen from 74.75 to 74.11 per US dollar in the past few days amid the risk-on rally in the domestic and global stock markets. Risk assets, in general, have been bid this month on expectations that potential coronavirus vaccines would power a swift global economic recovery in 2021. 

With the latest reports stating that Pfizer-BioNTech vaccine deliveries could start before Christmas, the path of least resistance for both stocks and the Indian rupee remains on the higher side. That said, at record highs, stocks look vulnerable to a technical pullback, which would put a bid under the greenback. 

The dollar index, which gauges the greenback's value against majors, is trading in the green at press time, following the overnight losses on Wall Street. Additional bearish pressure for the rupee may stem from a potential breakout in Brent oil prices above the recent high of $45.30. That possibility cannot be ruled out as the OPEC+ is reportedly planning to delay the output boost planned to take effect in January.

Technical levels


Today last price 74.2686
Today Daily Change 0.1239
Today Daily Change % 0.17
Today daily open 74.1447
Daily SMA20 74.2279
Daily SMA50 73.7774
Daily SMA100 74.1656
Daily SMA200 74.62
Previous Daily High 74.5584
Previous Daily Low 74.0672
Previous Weekly High 74.795
Previous Weekly Low 73.6492
Previous Monthly High 74.693
Previous Monthly Low 72.9572
Daily Fibonacci 38.2% 74.2548
Daily Fibonacci 61.8% 74.3707
Daily Pivot Point S1 73.9551
Daily Pivot Point S2 73.7656
Daily Pivot Point S3 73.464
Daily Pivot Point R1 74.4463
Daily Pivot Point R2 74.7479
Daily Pivot Point R3 74.9374



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD sits at two-month highs near 0.7375

AUD/USD keeps its range near two-month highs of 0.7375 despite a big miss on the Australian Q3 Capex data. The bulls retain control as the US dollar remains on the back foot across the board, in the face of renewed US economic growth concerns. 


USD/JPY: Rebound stalls near 104.50 amid Thanksgiving light trading

USD/JPY’s bounce loses still in Asia on Thanksgiving Day, as the bulls lack follow-through amid holiday-thinned market conditions. US markets are closed Thursday in observance of Thanksgiving Day. DXY wallows in two-month lows on mixed US data, covid surge.


Gold hovers within the range of Wednesday's Doji candle

Gold's daily chart shows signs of indecision in the market. Wed's high and low are levels to beat for bulls and bears, respectively. A Doji candle represents indecision in the market and makes the following day's close pivotal.

Gold news

Markets return to normal, and traders may be loving it

Calendar comeback – currencies begin moving to the tune of economic indicators, a welcome return for traders. Valeria Bednarik, Joseph Trevisani, and Yohay Elam discuss the latest market moves and what to expect in the final stretch of 2020 and beyond.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info