USD/INR Price news: Indian rupee prints three-day downtrend towards 74.00 amid mixed clues

  • USD/INR edges higher after printing the heaviest daily gains in a week.
  • US Inflation data couldn’t tame tapering fears, USD tracks firmer yields of late.
  • Indian covid numbers rise after hitting the strongest fall since late August.
  • Downbeat China data, dull equities favor the pair buyers amid a sluggish session.

USD/INR eases from the intraday top, up for the third consecutive day around 73.70 heading into Wednesday’s European session. In doing so, the Indian rupee (INR) pair aptly portrays the market’s indecision ahead of the next week’s US Federal Reserve (Fed) monetary policy meeting.

That said, the US Consumer Price Index (CPI) for August eased below forecasts but the higher actual numbers, despite the recent weakness, as well as a slew of data left for publishing challenges the market sentiment.

The US CPI dropped the most since January on monthly basis to 0.3% versus 0.4% expected and 0.5% prior. The CPI ex Food & Energy also dropped below 0.3% expected and previous readings to 0.1% during August, marking the biggest fall in six months.

Elsewhere, covid woes and geopolitical tensions also weigh on the market sentiment, underpinning the safe-haven demand of the US Treasury bonds, which in turn weigh on its yields. This in turn favors USD/INR bulls as Asia-Pacific stocks also lend to the bears.

Also weighing on the Indian rupee (INR) is the recently dismal Industrial Production and Retail Sales data from China, not to forget chatters of the default of the nation’s second-biggest real estate firm and economic risks associated with it.

It’s worth noting that India’s daily rise in covid infections grew to 27,176 after the cases dropped the most since late August the previous day with 25,404 numbers. It’s worth noting that the virus-led fatalities in India eased from 339 reported yesterday to 284.

Given the lack of major data/events left for publishing for today, USD/INR traders will keep their eyes on Thursday’s US Retail Sales and Friday’s Michigan Consumer Confidence for fresh impulse. Above all, Fedspeak and chatters relating to the same will be the key.

Technical analysis

Unless crossing the 100-DMA level of 73.82, USD/INR bulls remain unconvinced. However, pullback moves will have to slip back below 73.58, comprising 200-DMA to recall the sellers.

Additional important levels

Today last price 73.692
Today Daily Change 0.0162
Today Daily Change % 0.02%
Today daily open 73.6758
Daily SMA20 73.6467
Daily SMA50 74.1195
Daily SMA100 73.8344
Daily SMA200 73.5849
Previous Daily High 73.7242
Previous Daily Low 73.5365
Previous Weekly High 73.8866
Previous Weekly Low 72.9946
Previous Monthly High 74.5575
Previous Monthly Low 72.911
Daily Fibonacci 38.2% 73.6525
Daily Fibonacci 61.8% 73.6082
Daily Pivot Point S1 73.5668
Daily Pivot Point S2 73.4578
Daily Pivot Point S3 73.3791
Daily Pivot Point R1 73.7545
Daily Pivot Point R2 73.8332
Daily Pivot Point R3 73.9422



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