USD/INR Price News: Indian rupee teases bulls above 74.00 amid subdued markets


  • USD/INR snaps two-day uptrend, steps back from intraday top.
  • Doubts over India’s vaccination success join fears of Delta Plus covid variant to back buyers.
  • Indecision over Fed’s next moves, US President Biden’s infrastructure spending passage tests immediate moves.
  • US data, Fedspeak and macro relating to covid, stimulus become important for fresh impulse.

USD/INR pares weekly gains with a recent pullback to 74.20, down 0.05% intraday, amid the initial hour of Thursday’s Indian trading session. In doing so, the Indian rupee (INR) pair drops for the first in three days amid the market’s indecision over the coronavirus (COVID-19) conditions in India and the US Federal Reserve’s (Fed) next moves, not to forget US President Joe Biden’s infrastructure spending plan.

INR bulls cheer the latest declines in the COVID-19 cases, easing of virus-led activity restrictions in states and record surge in daily vaccinations. The latest data from the Indian Health Minister, per Reuters, mention a 54,069 daily rise in coronavirus infections, taking a total to 30.08 million, whereas the pandemic-led fatalities increased 1,321 to 391,981.

Even so, the New York Times (NYT) gives India 93rd rank for its inoculation, versus 82nd during early June, while marking a meager 3.8% fully vaccinated Indians.

On the contrary, the US dollar gains safe-haven bids as Fed policymakers and Treasury Secretary Janet Yellen could not convince markets of any challenges to the easy money policies. Also, doubts over how the US Senators will be able to bridge a large gap between the Republicans’ demands and Democrats’ push ahead of a two-week holiday session add to the market jitters. Furthermore, the covid variant fears regain traction in the US after an Epidemiologist warns over the jump in the cases this fall and add to the greenback’s strength.

Against this backdrop, Indian shares track mildly bid US stock futures while the US dollar index benefited from a firmer US 10-Treasury yield by the press time.

Moving on, USD/INR traders may keep struggling for clues ahead of the key US Durable Goods Orders. Also important will be the comments from the Federal Reserve (Fed) officials, as well as virus and stimulus updates.

Read: US Durable Goods Orders May Preview: Is the consumer really absent?

Technical analysis

USD/INR rebound from the 74.00 needs acceptance from mid-April lows near 74.55 to keep the pair buyers hopeful. Otherwise, a 50-day SMA level of 73.64 will be the key to watch during the fresh downside below the weekly low.

Additional important levels

Overview
Today last price 74.215
Today Daily Change -0.0308
Today Daily Change % -0.04%
Today daily open 74.2458
 
Trends
Daily SMA20 73.3032
Daily SMA50 73.6499
Daily SMA100 73.3631
Daily SMA200 73.4869
 
Levels
Previous Daily High 74.5135
Previous Daily Low 74.0898
Previous Weekly High 74.4752
Previous Weekly Low 73.1046
Previous Monthly High 74.311
Previous Monthly Low 72.3386
Daily Fibonacci 38.2% 74.3517
Daily Fibonacci 61.8% 74.2517
Daily Pivot Point S1 74.0526
Daily Pivot Point S2 73.8594
Daily Pivot Point S3 73.6289
Daily Pivot Point R1 74.4762
Daily Pivot Point R2 74.7067
Daily Pivot Point R3 74.8999

 

 

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

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds steady above 1.1750 amid worsening mood

EUR/USD is off the highs, holding steady above 1.1750 amid a worsening market mood, courtesy of the falling Chinese stocks. The pair opened higher and moved in a narrow trade band with 15 pips movement, with all eyes on the FOMC this week. 

EUR/USD News

GBP/USD: Demand for the pound is still partial

The GBP/USD pair ended Friday and the week unchanged around 1.3750, after bottoming on Tuesday at 1.3571, its lowest in five months. Brexit and the pandemic keep limiting demand for the pound. GBP/USD is losing bullish strength, but there are no signs of an upcoming slide.

GBP/USD News

Gold bounces back above $1800 amid retreating Treasury yields

Gold price is reversing a dip below $1800 so far this Monday’s Asian trading, as the US Treasury yields retreat heading into the FOMC week. The market sentiment is cautious, as investors gear up for a busy week. The S&P 500 futures drop 0.25%. 

Gold News

Bitcoin price hits $40,000 as Amazon allegedly prepares for cryptocurrency payments

Bitcoin price is currently hovering below $40,000 after a retest. A pullback to the range’s mid-point seems likely after such a massive rally. Such a move will provide buyers a breather to recuperate and prepare for the next leg of the upswing.

Read more

Week Ahead: Fed to talk taper but stall on action, growth data in focus amid recovery doubts

The Federal Reserve is expected to provide more hints on tapering when it meets next week but may stop short of revealing a timeline. Amidst jitters about the Delta variant, markets could whipsaw if the Fed cites both progress and dangers ahead.

Read more

Forex MAJORS

Cryptocurrencies

Signatures