USD/INR Price News: Indian Rupee seesaws around 82.30 even as China, Fed chatters favor risk-on mood

USD/INR dribbles near the lowest levels in one month.
China reopening joins PBOC headlines to underpin risk-on mood in Asia.
Downbeat US wage growth weigh on Treasury yields and hawkish Fed bets.
Japan holiday, light calendar and upbeat oil prices allow bears to lick their wounds.

Anil Panchal FXStreet

USD/INR bears lick their wounds near 82.30, after refreshing a one-month low, as the Indian Rupee (INR) buyers await fresh clues during early Monday. In doing so, the quote remains indecisive after printing a three-day downtrend at the latest.

That said, China-inspired risk-on mood joins the broadly softer US Dollar to weigh on the USD/INR prices. However, a light calendar and the cautious mood ahead of this week’s key US inflation data, as well as the holiday in Japan, restrict the pair’s immediate moves.

It’s worth noting that China’s reopening of the international borders after a three-year blockage bolstered optimism in Asia. Also favoring the risk appetite could be early signals suggesting Beijing’s heavy shopping amid the year-end festive season. Furthermore, comments from the People’s Bank of China (PBOC) Official also hinted at robust growth expectations from the dragon nation and underpinned the firmer sentiment.

On the other hand, Friday’s downbeat prints of US Average Hourly Earnings, ISM Services PMI and Factory Orders pushed back the hawkish hopes from the Fed as the figures raised the US recession concerns, which in turn weighed on the US Dollar Index (DXY). Additionally, weighing on the DXY could be the mixed comments from the Fed policymakers and hopes of an upbeat US earnings season also seem to favor the USD/INR bears.

Alternatively, a light calendar and upbeat prices of Crude Oil put a floor under the USD/INR prices. The reason could be linked to India’s reliance on energy imports.

Amid these plays, S&P 500 Futures print mild gains while India’s benchmark equity index BSE Sensex rises over 1.0% by the press time.

Moving on, a lack of major data/events and firmer oil prices can restrict the USD/INR pair’s immediate moves ahead of Thursday’s US Consumer Price Index (CPI) data.

Technical analysis

A clear downside break of the 82.40 horizontal support favors USD/INR bears targeting the early December 2022 swing low near 82.10.

Additional important levels

Overview
Today last price	82.2916
Today Daily Change	0.0925
Today Daily Change %	0.11%
Today daily open	82.1991

Trends
Daily SMA20	82.6953
Daily SMA50	82.1216
Daily SMA100	81.5664
Daily SMA200	79.8023

Levels
Previous Daily High	82.7856
Previous Daily Low	82.1896
Previous Weekly High	83.072
Previous Weekly Low	82.1896
Previous Monthly High	84.25
Previous Monthly Low	80.9855
Daily Fibonacci 38.2%	82.4173
Daily Fibonacci 61.8%	82.5579
Daily Pivot Point S1	81.9973
Daily Pivot Point S2	81.7955
Daily Pivot Point S3	81.4013
Daily Pivot Point R1	82.5932
Daily Pivot Point R2	82.9874
Daily Pivot Point R3	83.1892

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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