USD/INR Price News: Rupee ignores India’s lowest covid count since March above 74.00

  • USD/INR keeps bounce off three-week low, mildly bid of late.
  • India’s covid infections, active coronavirus cases drop to the lowest in four months.
  • US dollar benefits from virus woes, pre-Fed jitters and US stimulus deadlock.
  • Durable Goods Orders, US housing numbers and CB Consumer Confidence add to the watchers’ list.

USD/INR prints mild gains around 74.35, reversing the previous day’s losses, amid early Tuesday. The Indian rupee (INR) pair dropped to the three-week low on Monday before bouncing off 74.26.

The recovery moves seem to ignore India’s recently upbeat covid news. As per the official Health Ministry data, India’s active cases dropped below 400,000 for the first time since March 25. Further, the daily infections also eased to 29,689, the lowest in three months, per the news.

It should, however, be noted that the escalating US-China tussles and Beijing’s latest crackdown on IT companies, not to forget the fourth month of lower Industrial Profits from the dragon nation, weigh on the Asian currencies.

On the contrary, the US Dollar Index (DXY) benefits from the covid woes in Australia and the fears of Delta virus strain at home. Also putting a safe-haven bid under the US dollar could be the deadlock over President Joe Biden’s infrastructure spending in the Senate.

It’s worth noting that the market’s cautious mood ahead of the US Federal Reserve’s (Fed) monetary policy decision on Wednesday also exerts downside pressure on the riskier assets like INR.

Amid these plays, S&P 500 Futures fail to cheer record closing of the Wall Street benchmarks whereas the US 10-year Treasury yields stay firmer by the press time.

Looking forward, the early signal for the US Q2 GDP, namely Durable Goods Orders for June, will be important for USD/INR as the data could provide initial hints of Wednesday’s Fed decision. Also important will be US Consumer Confidence and housing data, not to ignore the risk catalysts.

Read: Durable Goods Orders Preview: Why expectations could be too high, data useful for trading GDP

Technical analysis

Despite the pair’s consolidative moves near a 74.25-20 support-zone, comprising multiple levels marked since mid-June, USD/INR traders should wait for a daily closing past 74.50-55, convergence of 10 and 21-DMA, before taking new long positions.

Additional important levels

Today last price 74.3655
Today Daily Change 0.0881
Today Daily Change % 0.12%
Today daily open 74.2774
Daily SMA20 74.5409
Daily SMA50 73.8026
Daily SMA100 73.7352
Daily SMA200 73.6065
Previous Daily High 74.578
Previous Daily Low 74.2683
Previous Weekly High 75.0155
Previous Weekly Low 74.3213
Previous Monthly High 74.5135
Previous Monthly Low 72.4854
Daily Fibonacci 38.2% 74.3866
Daily Fibonacci 61.8% 74.4597
Daily Pivot Point S1 74.1711
Daily Pivot Point S2 74.0648
Daily Pivot Point S3 73.8613
Daily Pivot Point R1 74.4808
Daily Pivot Point R2 74.6843
Daily Pivot Point R3 74.7906



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

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Bullish hourly divergence, 38.2% ratio eyed

EUR/USD has stalled and is steady in the open. The bears have been in control to this point after breaking back below the 200-hour EMA.


GBP/USD: A critical watch on BoE and Fed week

It is a critical week for GBP/USD traders as we have both the BOE and the Fed meetings. GBP/USD is moving sideways in a consolidated market, hugging a bullish 200 EMA channel, albeit pressured by a firm US dollar as investors survey the conditions of the market's risk profile. 


Gold: Steady as she goes on Fed week

Gold is flat during holiday thin markets with both Tokyo and China out today. Gold vs the US dollar has traded in a narrow range between $1,751.27 low and a $1,755.29 high.  

Gold News

Bitcoin might be safe from a global stock market crisis

BTC’s lack of integration with traditional finance and its inability to be forcefully sold to cover financial losses mean the price might not ‘collapse’ if there is a global stock market meltdown.

Read more

Evergrande: Risk-off tone for APAC, a USD win-win scenario, bad for AUD

The open could be in for a risk-off ride to start the week due to China's embattled developer, Evergrande, being on the brink of default. The potential fallout of Evergrande could have contagion implications that spill outside China’s financial market borders.

Read more