USD/INR Price News: Indian rupee regains ground around 75.20

USD/INR snaps a four-day winning streak, eases from five-week lows.
Indian rupee buyers emerge near 75.30, as the USD eases across the board.
50-DMA at 74.90 eyed if USD/INR corrects further ahead of US inflation.

Dhwani Mehta FXStreet

USD/INR is retreating from five-week highs of 75.31, tracking the pullback in the US dollar across the board.

The sentiment around the Asian stock markets and US equity futures improves, in the wake of likely easing of the Ukraine tensions and fading Fed rate hike concerns, capping the demand for the safe-haven US dollar.

Meanwhile, Indian rupee bulls pay little heed to the renewed uptick in oil prices, as the dynamics of the US dollar remain pivotal ahead of the PCE inflation data.

At the time of writing, the spot is heading south towards 75.00, posting moderate losses on the day.

If the correction gathers steam, then USD/INR bears could the mildly bullish 50-Daily Moving Average (DMA) at 74.90.

Further south, the 100-DMA support at 74.68 will come to the rescue of bulls.

The 14-day Relative Strength Index (RSI) is turning lower while above the midline, justifying the pullback in the spot from multi-week highs.

USD/INR: Daily chart

On the flip side, buyers will retest three-week highs of 75.31, above which the December 23 top of 75.48 will be eyed.

The next relevant upside target is envisioned at $76.00, the round figure.

USD/INR: Additional levels

USD/INR

Overview
Today last price	75.1755
Today Daily Change	-0.0837
Today Daily Change %	-0.11
Today daily open	75.2592

Trends
Daily SMA20	74.4065
Daily SMA50	74.8924
Daily SMA100	74.6657
Daily SMA200	74.2675

Levels
Previous Daily High	75.3115
Previous Daily Low	75.012
Previous Weekly High	74.7155
Previous Weekly Low	74.1337
Previous Monthly High	76.5958
Previous Monthly Low	74.1065
Daily Fibonacci 38.2%	75.1971
Daily Fibonacci 61.8%	75.1264
Daily Pivot Point S1	75.077
Daily Pivot Point S2	74.8948
Daily Pivot Point S3	74.7776
Daily Pivot Point R1	75.3765
Daily Pivot Point R2	75.4937
Daily Pivot Point R3	75.6759

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD falls toward 1.1700 on broad USD recovery

EUR/USD turns south and declines toward 1.1700 on Wednesday. The US Dollar gathers recovery momentum and forces the pair to stay on the back foor, as traders look to USD short-covering ahead of US inflation report on Thursday. However, the downside could be capped by hawkish ECB expectations.

GBP/USD trades deep in red below 1.3350 after soft UK inflation data

GBP/USD stays under strong selling pressure midweek and trades below 1.3350. The UK annual headline and core CPI rose by 3.2% each, missing estimates of 3.5% and 3.4%, respectively, reaffirming dovish BoE expectations and smashing the Pound Sterling across the board ahead of Thurday's BoE policy announcements.

Gold clings to moderate daily gains above $4,300

Following Tuesday's volatile action, Gold regains its traction on Wednesday and trades in positive territory above $4,300. While the buildup in the USD recovery momentum caps XAU/USD's upside, the cautious market stance helps the pair hold its ground.