USD/INR: Rupee extends the rebound, 71.00 back on sight

Dhwani Mehta FXStreet

The Indian National Rupee (INR) extended its recovery from weekly lows against the US dollar and went on to hit three-day highs at 71.15 levels. At the press time, USD/INR trades -0.15% at 71.19.

The Rupee advances so far this Wednesday, tracking the rally in its Chinese counterpart, the Yuan, amid increased expectations of the US and China reaching a trade deal this week.

Moreover, the oil-price weakness combined with a broadly softer US dollar, in the wake of US-China trade deal optimism, further collaborated to the upside in the Indian currency.

Meanwhile, the local traders noted that the Rupee strength is on the back of some selling in American currency by banks and exporters. The USD/INR cross reached weekly tops at 71.71 levels after the domestic currency slumped on widening Indian trade deficit.

Looking ahead, the pair will continue to get influenced by the USD dynamics heading into the FOMC minutes release while markets also await the outcome of the US-China trade talks.

USD/INR Technical Levels

Overview:
    Today Last Price: 71.195
    Today Daily change %: -0.13%
    Today Daily Open: 71.29
Trends:
    Daily SMA20: 71.1902
    Daily SMA50: 70.8024
    Daily SMA100: 71.636
    Daily SMA200: 70.5279
Levels:
    Previous Daily High: 71.71
    Previous Daily Low: 71.225
    Previous Weekly High: 71.4705
    Previous Weekly Low: 70.105
    Previous Monthly High: 71.64
    Previous Monthly Low: 69.185
    Daily Fibonacci 38.2%: 71.4103
    Daily Fibonacci 61.8%: 71.5247
    Daily Pivot Point S1: 71.1067
    Daily Pivot Point S2: 70.9233
    Daily Pivot Point S3: 70.6217
    Daily Pivot Point R1: 71.5917
    Daily Pivot Point R2: 71.8933
    Daily Pivot Point R3: 72.0767

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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