#USDINR @ 82.2320 is consolidating in a narrow range above 82.20, upside seems favored amid a recovery in US Dollar. (Pivot Orderbook analysis)

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• USD/INR is consolidating in a narrow range above 82.20, upside seems favored amid a recovery in US Dollar.
• The odds of hawkish Fed bets have improved as Fed Powell has anticipated one more rate hike this year.
• Fed Barr assured investors that the failure of a couple of lenders is unable to lead to a widespread contagion.

The pair currently trades last at 82.2320.

The previous day high was 82.3815 while the previous day low was 82.1644. The daily 38.2% Fib levels comes at 82.2985, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.2473, expected to provide resistance.

The USD/INR pair is displaying a sideways performance in a narrow range above 82.20 in the Asian session. The asset registered a positive opening as investors discounted overnight recovery in the US Dollar Index (DXY). The USD Index rebounded firmly after sensing decent buying interest near 102.40. The US Dollar Index is looking to extend its recovery above 102.78 as odds for one more rate hike by the Federal Reserve (Fed) have strengthened.

The market sentiment looks cautiously optimistic as S&P500 futures have eased nominal gains in the Asian session after a stellar buying on Wednesday. The demand for US government bonds is easing further amid anticipation of one more interest rate hike by Fed chair Jerome Powell and ebbing banking turmoil fears.

The USD Index is regaining traction as bets for steady monetary policy by the Fed have trimmed. As per the CME Fedwatch tool, chances for an unchanged policy stance by the Fed have been trimmed to 54%.

Investors are now anticipating that the US banking crisis won’t have more collateral damage, however, the credit conditions will remain extremely tight. The commentary from Federal Reserve (Fed) Vice Chair for Supervision Michael Barr to Senate Banking Committee that the United States banking system is ‘sound and resilient’ brought a sense of relief for the market participants. He assured investors that the failure of a couple of lenders is unable to lead to a widespread contagion.

On the Indian rupee front, the Reserve Bank of India (RBI) has allowed 18 countries to pay off international payments through Indian Rupee. The global economic slowdown has delivered an opportunity to trim dependence on US Dollar.

Technical Levels: Supports and Resistances

USDINR currently trading at 82.25 at the time of writing. Pair opened at 82.2558 and is trading with a change of -0.01 % .

The pair is trading below its 20 Daily moving average @ 82.2772, below its 50 Daily moving average @ 82.2721 , above its 100 Daily moving average @ 82.1437 and above its 200 Daily moving average @ 81.2788

The previous day high was 82.3815 while the previous day low was 82.1644. The daily 38.2% Fib levels comes at 82.2985, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.2473, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 82.153, 82.0501, 81.9358
• Pivot resistance is noted at 82.3701, 82.4844, 82.5873

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