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USD/INR Price News: Loses traction near 82.75, US NFP eyed

USD/INR Price News: Loses traction near 82.75, US NFP eyed

  • USD/INR holds ground near 82.78 after retreating from multi-month highs of 82.90.
  • The Reserve Bank of India (RBI) may intervene to prevent the Rupee from falling further.
  • US Initial Jobless Claims rose to 227K last week, as expected; the ISM Service PMI (Jul) fell to 52.7 from 53.9 prior.
  • Investors await the US Nonfarm Payrolls due on Friday.

The USD/INR pair loses traction during the Asian session on Friday. The pair currently trades within a large consolidation phase since October 2022 and holds above 82.70. Meanwhile, The US dollar Index (DXY), a measure of the value of USD against a basket of six influential currencies, takes a breather near 102.40 after approaching the weekly high of 102.85.

Market anticipated that the Indian Rupee (INR) is likely to move in a narrow range for the next three months as the Reserve Bank of India (RBI) utilises its enormous foreign exchange reserves to keep the currency steady, according to a Reuters poll. That said, the possibility that the RBI could periodically intervene to prevent the rupee from falling further might cap the upside for the USD/INR pair. 

The mixed US economic data limits the downside for the Indian Rupee. The US Department of Labor showed on Thursday that Initial Jobless Claims increased to 227,000 for the week ended July 29, matching expectations. The ISM Service PMI for July dropped to 52.7 from 53.9 prior and was worse than expected at 53. Lastly, Unit Labor Costs from Q2 came in at 1.6%, lower than the 2.6% expected.

In the absence of the economic data release from India, market players prefer to wait on the sidelines ahead of the key event on Friday. The US Nonfarm Payrolls (NFP) are due later in the American session, and the data could provide a clear direction for the pair. The US economy is expected to have created 180,000 jobs in July.

USD/INR Technical Outlook:

From the technical perspective, two converging trend lines constitute the formation of a symmetrical triangle pattern on the daily chart. The Relative Strength Index (RSI) holds above 50, and the Moving Average Convergence/Divergence (MACD) stands in bullish territory, supporting the buyers for now.

Resistance levels: 83.00, 83.20, and 83.40.

Support levels: 82.40, 82.20, and 81.90. 

USD/INR daily chart

 

USD/INR

Overview
Today last price 82.8015
Today Daily Change -0.0291
Today Daily Change % -0.04
Today daily open 82.8306
 
Trends
Daily SMA20 82.2422
Daily SMA50 82.2467
Daily SMA100 82.1999
Daily SMA200 82.164
 
Levels
Previous Daily High 82.8948
Previous Daily Low 82.6634
Previous Weekly High 82.386
Previous Weekly Low 81.6588
Previous Monthly High 82.8334
Previous Monthly Low 81.6588
Daily Fibonacci 38.2% 82.8065
Daily Fibonacci 61.8% 82.7518
Daily Pivot Point S1 82.6977
Daily Pivot Point S2 82.5649
Daily Pivot Point S3 82.4663
Daily Pivot Point R1 82.9291
Daily Pivot Point R2 83.0277
Daily Pivot Point R3 83.1605

 

 

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