USD/INR Price News: Indian rupee rises towards 73.50 amid anxiety over Evergrande, Fed Powell

  • USD/INR prints mild losses, keeps Wednesday’s pullback from monthly top.
  • Market sentiment dwindles, US Treasury yields refresh multi-day high.
  • Evergrande awaited for coupon payment, Fedspeakers eyed over hawkish bias.

USD/INR takes offers around 73.78, down 0.12% intraday during early Friday.

The Indian rupee (INR) pair snapped a two-day uptrend the previous day before bouncing off 73.60. The rebound, however, failed to last amid the cautious optimism ahead of the key events.

Among the key catalysts is the curiosity over Evergrande’s scheduled bond coupon payment. On the same line are the comments from China’s National Development and Reform Commission (NDRC) suggesting issues of rising raw material prices and power to probe the bulls. Furthermore, traders’ wait for the scheduled speeches from the US Federal Reserve (Fed) officials, including Chairman Jerome Powell and Vice Chair Clarida, also contribute to the market’s sluggish performance.

Read: Asian stocks dwindle, US Treasury yields refresh 11-week top ahead of Fed Chair Powell

At home, India’s coronavirus infections rose 31,382 versus 31,923 cases whereas the covid-led death toll rose from 282 to 381 as per the latest official data for Thursday.

It’s worth noting that Fed’s hawkish halt on Wednesday joined receding fears of Evergrande default and progress over the US $3.5 trillion stimulus talks to back the risk-on mood on Thursday.

While portraying the mood, Asia-Pacific stocks trade mixed and the US Dollar Index (DXY) struggles for clear direction while the US 10-year Treasury yields refresh 11-week top to 1.451%, following the heaviest daily jump since February. Additionally, S&P 500 Futures print 0.05% intraday gains by the press time.

Moving on, mild optimism in the market and a lack of negatives from India, as well as hopes of no third COVID-19 wave in New Delhi, can keep USD/INR bears hopeful. However, headlines concerning Evergrande and Fed will join second-tier US data to entertain traders.

Technical analysis

Thursday’s bearish Doji directs USD/INR towards 200-DMA retest, around 73.58 by the press time. Meanwhile, bulls need to overcome a descending resistance line from July 19, near 73.90 by the press time, to retake the controls.

Additional important levels

Today last price 73.7665
Today Daily Change -0.1034
Today Daily Change % -0.14%
Today daily open 73.8699
Daily SMA20 73.4697
Daily SMA50 73.9939
Daily SMA100 73.8177
Daily SMA200 73.5872
Previous Daily High 73.925
Previous Daily Low 73.6041
Previous Weekly High 73.7915
Previous Weekly Low 73.352
Previous Monthly High 74.5575
Previous Monthly Low 72.911
Daily Fibonacci 38.2% 73.7267
Daily Fibonacci 61.8% 73.8024
Daily Pivot Point S1 73.6743
Daily Pivot Point S2 73.4788
Daily Pivot Point S3 73.3534
Daily Pivot Point R1 73.9952
Daily Pivot Point R2 74.1206
Daily Pivot Point R3 74.3161



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