#USDINR @ 83.2610 Indian Rupee edges lower on Monday on the ongoing US Dollar (USD) demand.
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- Indian Rupee edges lower on Monday on the ongoing US Dollar (USD) demand.
Indian Rupee (INR) opens modestly lower on Monday on the ongoing US Dollar (USD) demand and equity-linked outflows. That being said, foreign investors have sold $1.19 billion in Indian equities in October. Nonetheless, a pullback in the US Treasury bond yields and the potential intervention from the Reserve Bank of India (RBI) might cap the further depreciation of INR.
Investors will closely monitor the Federal Open Market Committee’s (FOMC) interest rate decision at the end of its two-day meeting on Wednesday. The markets anticipate the FOMC to maintain rates steady, despite the Fed’s preferred gauge for inflation, the Core Personal Consumption Expenditures Price Index (PCE) remains well above the 2% target rate.
Furthermore, market participants will keep an eye on whether the RBI starts selling bonds via open market operations (OMO) this week as liquidity improves. Apart from this, India’s Fiscal Deficit and Infrastructure Output for September will be released on Tuesday.
The Indian Rupee moves slightly lower on the day. The USD/INR pair trades within a range of 83.00-83.35. The upward bias of USD/INR remains intact as the pair holds above the 100- and 200-day Exponential Moving Averages (EMA) on the daily chart.
On the upside, any decisive follow-through buying above 83.35 will pave the way to year-to-date (YTD) highs of 83.45. The additional upside filter to watch is a psychological round mark at 84.00. On the other hand, the critical support level will emerge at 83.00, portraying the confluence of a low of October 20 and a round figure. A break below 83.00 could see a drop to 82.82 (low of September 12), followed by 82.65 (low of August 4).
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