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

Overview
Today last price 73.7665
Today Daily Change -0.1034
Today Daily Change % -0.14%
Today daily open 73.8699
 
Trends
Daily SMA20 73.4697
Daily SMA50 73.9939
Daily SMA100 73.8177
Daily SMA200 73.5872
 
Levels
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

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds above 1.0700 after US inflation data

EUR/USD holds above 1.0700 after US inflation data

EUR/USD stays in the lower half of its daily range but continues to trade above 1.0700 in the early American session on Friday. The data from the US showed that the annual Core PCE Price Index declined to 4.9% in April as expected, making it difficult for the dollar to gather strength.

EUR/USD News

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD clings to daily gains above 1.2600 and remains on track to end the week in positive territory. The greenback struggles to attract investors after the data from the US showed that PCE inflation softened in April. 

GBP/USD News

Gold pulls away from daily highs, holds above $1,850

Gold pulls away from daily highs, holds above $1,850

Gold has lost its traction in the second half of the day on Friday and declined toward the $1,850 area. The benchmark 10-year US Treasury bond yield staged a modest rebound on the US PCE inflation data, not allowing XAU/USD to preserve its bullish momentum.

Gold News

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA fork proposal has passed with 65.5% votes, Revival Plan 2 in action without algorithmic stablecoin UST. LUNA price could wipe out losses incurred by holders in the colossal crash of LUNC and UST. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures