On Thursday, the USDINR currency pair encountered a new offer at 82.8275 but did not experience further continuation.
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- USD/INR meets with a fresh supply on Thursday, though lacks follow-through.
The pair currently trades last at 82.8275.
The previous day high was 83.0316 while the previous day low was 82.788. The daily 38.2% Fib levels comes at 82.9385, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.881, expected to provide resistance.
The USD/INR pair comes under some selling pressure during the Asian session on Thursday and move away from a more than six-month top, levels just above the 83.00 mark touched the previous day. Spot prices remain depressed around the 82.80-82.85 region and move little after the Reserve Bank of India (RBI) announced its policy decision.
As was widely anticipated, the Indian central bank decides to maintain the status quo and leave its key policy rate (repo rate) unchanged at 6.50% for the third time in a row. The Indian Rupee (INR), meanwhile, draws some support from an increase in the RBI’s average inflation forecast for the financial year (FY) 2024 to 5.40% from the 5.1% estimated previously.
Adding to this, RBI Governor Shaktikanta Das said that the economy is showing enhanced strength and has made significant progress towards controlling inflation. Das, however, raises concerns about the recent spike in vegetable price inflation, though expects it to reverse quickly and sees inflation easing back to 5.2% in Q1 of FY25.
This, along with subdued US Dollar (USD) price action, exerts some pressure on the USD/INR pair. That said, the downside remains cushioned as traders seem reluctant to place aggressive bets ahead of the US consumer inflation figures, due for release later during the early North American session. The crucial US CPI report will influence expectations about the Fed’s future rate-hike path, which, in turn, will drive the USD demand and provide a fresh directional impetus to the pair.
Technical Levels: Supports and Resistances
USDINR currently trading at 82.8455 at the time of writing. Pair opened at 82.923 and is trading with a change of -0.09 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 82.8455 |
| 1 | Today Daily Change | -0.0775 |
| 2 | Today Daily Change % | -0.0900 |
| 3 | Today daily open | 82.9230 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 82.3227, 50 SMA 82.2615, 100 SMA @ 82.2096 and 200 SMA @ 82.1671.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 82.3227 |
| 1 | Daily SMA50 | 82.2615 |
| 2 | Daily SMA100 | 82.2096 |
| 3 | Daily SMA200 | 82.1671 |
The previous day high was 83.0316 while the previous day low was 82.788. The daily 38.2% Fib levels comes at 82.9385, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.881, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 82.7968, 82.6706, 82.5533
- Pivot resistance is noted at 83.0404, 83.1577, 83.2839
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 83.0316 |
| Previous Daily Low | 82.7880 |
| Previous Weekly High | 82.8996 |
| Previous Weekly Low | 82.2000 |
| Previous Monthly High | 82.8334 |
| Previous Monthly Low | 81.6588 |
| Daily Fibonacci 38.2% | 82.9385 |
| Daily Fibonacci 61.8% | 82.8810 |
| Daily Pivot Point S1 | 82.7968 |
| Daily Pivot Point S2 | 82.6706 |
| Daily Pivot Point S3 | 82.5533 |
| Daily Pivot Point R1 | 83.0404 |
| Daily Pivot Point R2 | 83.1577 |
| Daily Pivot Point R3 | 83.2839 |
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