#USDINR @ 83.2120 Indian Rupee struggles to gain on rising oil prices, US yields.
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- Indian Rupee struggles to gain on rising oil prices, US yields.
Indian Rupee (INR) recovery loses steam on Thursday. The higher Treasury bond yields and a rebound of oil prices exert some selling pressure on the INR as the currency is still driven by global factors and market sentiment. That being said, a speech by Israel’s Prime Minister Benjamin Netanyahu has fueled safe-haven flows and benefits to the US Dollar (USD). Netanyahu warned that Israel is in a battle for its existence and is preparing a ground invasion of Gaza, but he declined to provide any specifics on the timing or other details regarding the operation.
The investors’ attention will be India’s Balance of Payments for the second quarter (Q2). Furthermore, the preliminary estimate of the US Q3 Gross Domestic Product (GDP) will be in the spotlight on Thursday. The growth number is expected to show a 4.2% expansion.
The Indian Rupee weakens on the day. The USD/INR upward bias remains intact as the pair holds above the key 100- and 200-day Exponential Moving Averages (EMA) on the daily chart. The immediate upside barrier to watch is seen at 83.30 (high of October 4). Further north, the all-time high around 83.45 will be the next resistance, followed by a psychological round mark at 84.00. On the downside, a breach of the 83.00 mark could drag the pair towards 82.82 (low of September 12), en route to 82.65 (low of August 4).
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