USD/INR: Upside bias is likely to remain intact
|The USDINR pair extended its bullish leg for the third consecutive day ending the session at 16-month high at 73.29. The Indian government today said it found six new suspected coronavirus cases in Agra which hurt the risk sentiment. Soon after this announcement, RBI said that the central bank is prepared for appropriate action for the orderly functioning of financial markets, to maintain market confidence and preserve financial stability. This comes after major central banks have signaled that measures to ease potential economic fallout due to the fast-spreading coronavirus. Though the statement from the RBI soothed some jitters only for a while, later market participants continued placing long bets on the greenback. In the last couple of sessions, Rupee has lost 1.55% against the U.S. dollar. Euro came under pressure for the first time after three consecutive daily advances. Eurozone headline CPI slowed to 1.2% yoy in February, down from 1.4% yoy, matched expectations.
USD/INR CHART (Daily Chart)
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