USD/INR Price News: Rupee eyes 74.00 despite surging covid cases in India

USD/INR keeps falling for the fourth day in a row, near 74.00.
Surging covid cases in India, DXY’s solid comeback fails to lift the pair.
Weekly closing below 200-DMA calls for more pain for USD/INR.

Dhwani Mehta FXStreet

USD/INR is extending its losing streak into the fourth straight day on Monday, little affected by the broad rebound in the US dollar and surging coronavirus cases in India.

India’s active coronavirus cases see the biggest single-day rise since April 23, rise to highest since June 20. Meanwhile, the country detects 410 fresh cases of omicron coronavirus variant, as of Monday.

Meanwhile, the US dollar is rebounding after Friday’s NFP disappointment-led sell-off vs. its major peers. The cautious market mood also underpins the dollar’s safe-haven demand, as the attention turns towards this week’s testimony by Fed Chair Jerome Powell and US inflation data.

The ongoing rally in oil prices, courtesy of the geopolitical tensions between Russia and Kazakhstan also fail to deter INR bulls, as the cross eyes more downside going forward.

At the time of writing, the spot is trading close to the daily lows of 74.15, looking to test the 74.00 round level.

The bearish outlook remains intact after the pair gave a weekly closing below the critical 200-Daily Moving Average (DMA) at 74.29 on Friday.

The immediate cap is seen at the December 31 lows of 74.10. Further south, the November 9 lows of 73.85 will be put to test.

The 14-day Relative Strength Index (RSI) is inching towards the oversold region, well below the midline, suggesting that there is more room to fall for the pair.

USD/INR: Daily chart

On the other hand, recapturing 200-DMA could trigger a fresh recovery rally towards the 100-DMA at 74.54.

Further up, the January high of 74.69 will be on buyers’ radars.

USD/INR: Additional levels

USD/INR

Overview
Today last price	74.1575
Today Daily Change	-0.0638
Today Daily Change %	-0.09
Today daily open	74.2213

Trends
Daily SMA20	75.1262
Daily SMA50	74.8801
Daily SMA100	74.5407
Daily SMA200	74.2879

Levels
Previous Daily High	74.5284
Previous Daily Low	74.1557
Previous Weekly High	74.6888
Previous Weekly Low	74.1557
Previous Monthly High	76.5958
Previous Monthly Low	74.1065
Daily Fibonacci 38.2%	74.2981
Daily Fibonacci 61.8%	74.386
Daily Pivot Point S1	74.0752
Daily Pivot Point S2	73.9291
Daily Pivot Point S3	73.7026
Daily Pivot Point R1	74.4479
Daily Pivot Point R2	74.6744
Daily Pivot Point R3	74.8205

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.

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