USD/INR: Rupee jumps to three-week highs near 69.85

Dhwani Mehta FXStreet

The Indian National Rupee (INR) extended its winning streak versus its American counterpart into a third day today, knocking-off the USD/INR cross to the lowest levels in three weeks sub-70 level.

The ongoing rebound in the Rupee is mainly driven by the sell-off in oil prices amid the global economic slowdown and rising oversupply worries. The Indian currency further derived support from the open market operation conducted by the Reserve Bank of India (RBI).

Meanwhile, increased odds of a dovish Fed rate hike later on Wednesday weighs negatively on the US dollar, in turn, collaborating to the buoyant tone around the Rupee.

At the press time, USD/INR attempts a tepid bounce near 70.15 region, still down -0.25% on the day.

USD/INR Technical Levels

USD/INR

Overview:
    Today Last Price: 70.17
    Today Daily change: -1.3e+3 pips
    Today Daily change %: -0.185%
    Today Daily Open: 70.3
Trends:
    Previous Daily SMA20: 70.9886
    Previous Daily SMA50: 72.2186
    Previous Daily SMA100: 71.7312
    Previous Daily SMA200: 69.4242
Levels:
    Previous Daily High: 71.865
    Previous Daily Low: 70.225
    Previous Weekly High: 72.82
    Previous Weekly Low: 70.8605
    Previous Monthly High: 74.09
    Previous Monthly Low: 69.5705
    Previous Daily Fibonacci 38.2%: 70.8515
    Previous Daily Fibonacci 61.8%: 71.2385
    Previous Daily Pivot Point S1: 69.7283
    Previous Daily Pivot Point S2: 69.1567
    Previous Daily Pivot Point S3: 68.0883
    Previous Daily Pivot Point R1: 71.3683
    Previous Daily Pivot Point R2: 72.4367
    Previous Daily Pivot Point R3: 73.0083

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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