USD/INR Price News: Set for a faster ride to recapture all-time-highs at 78.50


  • USD/INR is aiming to recapture its all-time highs at 78.50.
  • Fed Powell’s hawkish commentary has underpinned the greenback bulls against the Indian rupee.
  • Oil prices are expected to remain on the tenterhooks amid escalating recession fears.

The USD/INR pair has rebounded strongly at the open after a corrective move towards 78.13. The hawkish commentary from Federal Reserve (Fed) Jerome Powell in his testimony has infused an adrenaline rush into the greenback bulls.

Fed Powell in his testimony has cleared that the US central bank is ‘unintentionally committed’ to achieving price stability. The ongoing inflation rate is 8.6% more than four times the desired inflation rate. In order to combat the inflation monster, the Fed needs to feature one more 75 basis points (bps) in its July monetary policy.

The Fed has already elevated its interest rates to 1.50-1.75% and still no notable impact has been witnessed on the price rise. Therefore, investors should not brace for a pause after a bumper rate hike in July. More rate hike announcements could come in the following interest rate decisions.

Meanwhile, the US dollar index (DXY) is displaying a lackluster performance in the Asian session due to the unavailability of any potential trigger on Friday.  At the press time, the asset is oscillating in a 104.26-104.33 range. Going forward, investors’ focus will remain on the US Durable Goods Orders. An improvement is seen in the economic data to 0.6% from the prior print of 0.5%.  A higher-than-expected print by the economic data will signify a resilient demand in the US economy.

On the oil front, oil prices have turned sideways after remaining in a negative trajectory for the past two weeks. Escalating recession fears are expected to keep the oil prices on the tenterhooks going forward.

USD/INR

Overview
Today last price 78.2325
Today Daily Change 0.0903
Today Daily Change % 0.12
Today daily open 78.1422
 
Trends
Daily SMA20 77.8536
Daily SMA50 77.3153
Daily SMA100 76.5296
Daily SMA200 75.6279
 
Levels
Previous Daily High 78.4635
Previous Daily Low 78.1422
Previous Weekly High 78.407
Previous Weekly Low 77.879
Previous Monthly High 78.12
Previous Monthly Low 75.9846
Daily Fibonacci 38.2% 78.2649
Daily Fibonacci 61.8% 78.3408
Daily Pivot Point S1 78.0351
Daily Pivot Point S2 77.928
Daily Pivot Point S3 77.7138
Daily Pivot Point R1 78.3564
Daily Pivot Point R2 78.5706
Daily Pivot Point R3 78.6777

 

 

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