USD/INR: Rupee stalls 4-day corrective slide near 70.70

  • Benefits from the Yuan rally, weaker US dollar amid renewed US-China trade optimism.
  • Will the bounce sustain amid the recent strength in oil prices?

The USD/INR cross stalled its 4-day recovery mode from five-month troughs of 69.18, as the Rupee bulls are seen taking back charge amid the advance in its Asian peers. 

The surge in the Chinese Yuan against the greenback amid re-emergence of US-China trade optimism lifted the sentiment around its Asian counterparts, helping stall the corrective downside in the Indian National Rupee (INR).

Meanwhile, the recent dovish comments by the Federal Reserve Officials combined with risks over the Fed rate hike pause weighed negatively on the US dollar and eventually collaborated to the renewed weakness seen around the spot.

However, it remains to be seen if the Rupee can sustain the tepid bounce, as oil prices are likely to trade higher amid risk-on market profile.

USD/INR Technical Levels

USD/INR

Overview:
    Today Last Price: 70.495
    Today Daily change: 3.8e+2 pips
    Today Daily change %: 0.0544%
    Today Daily Open: 70.4567
Trends:
    Previous Daily SMA20: 70.2451
    Previous Daily SMA50: 71.0321
    Previous Daily SMA100: 71.8466
    Previous Daily SMA200: 69.8513
Levels:
    Previous Daily High: 70.715
    Previous Daily Low: 70.305
    Previous Weekly High: 70.5255
    Previous Weekly Low: 69.435
    Previous Monthly High: 72.82
    Previous Monthly Low: 69.505
    Previous Daily Fibonacci 38.2%: 70.4616
    Previous Daily Fibonacci 61.8%: 70.5584
    Previous Daily Pivot Point S1: 70.2695
    Previous Daily Pivot Point S2: 70.0822
    Previous Daily Pivot Point S3: 69.8595
    Previous Daily Pivot Point R1: 70.6795
    Previous Daily Pivot Point R2: 70.9022
    Previous Daily Pivot Point R3: 71.0895

 

 

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.