USD/INR Price Analysis: Indian rupee drops the most since June as Russia roils sentiment


  • USD/INR prints the biggest daily gains in a fortnight, renews weekly high.
  • Ukraine pushes global leaders for action against Russian invasion.
  • Bullish Doji, sustained bounce off 200-DMA keep buyers hopeful.

USD/INR takes the bids to refresh one-week high around 75.25, posting the biggest daily fall since June 2021 during early Thursday morning in Asia.

In doing so, the Indian rupee (INR) pair justifies the previous day’s Doji candlestick, as well as Monday’s bounce off 200-DMA and 23.6% Fibonacci retracement (Fibo.) of December-January fall.

Adding to the bullish bias is the pair’s latest upside break of the previous support line from January 12.

Above all, the US dollar’s rally on the back of the risk-aversion wave, triggered due to Russia’s military invasion of Ukraine, favors USD/INR buyers.

That said, the 61.8% Fibo. level of 75.50 becomes an imminent target for the USD/INR bulls ahead of the monthly peak surrounding 75.70.

On the contrary, a convergence of the 200-DMA and 23.6% Fibonacci retracement level near 74.40 becomes crucial support.

It’s worth noting that a daily closing below the previous support line near 75.12 may trigger consolidation of the recent gains.

USD/INR: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 75.2511
Today Daily Change 0.5670
Today Daily Change % 0.76%
Today daily open 74.6841
 
Trends
Daily SMA20 74.9269
Daily SMA50 74.7873
Daily SMA100 74.8479
Daily SMA200 74.3738
 
Levels
Previous Daily High 74.8319
Previous Daily Low 74.5005
Previous Weekly High 75.7177
Previous Weekly Low 74.5083
Previous Monthly High 75.3425
Previous Monthly Low 73.7283
Daily Fibonacci 38.2% 74.7053
Daily Fibonacci 61.8% 74.6271
Daily Pivot Point S1 74.5124
Daily Pivot Point S2 74.3408
Daily Pivot Point S3 74.181
Daily Pivot Point R1 74.8438
Daily Pivot Point R2 75.0036
Daily Pivot Point R3 75.1752

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD treads water just above 1.0400 post-US data

EUR/USD treads water just above 1.0400 post-US data

Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.

EUR/USD News
GBP/USD remains depressed near 1.2520 on stronger Dollar

GBP/USD remains depressed near 1.2520 on stronger Dollar

Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.

GBP/USD News
Gold keeps the bid bias unchanged near $2,700

Gold keeps the bid bias unchanged near $2,700

Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.

Gold News
Geopolitics back on the radar

Geopolitics back on the radar

Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.

Read more
Eurozone PMI sounds the alarm about growth once more

Eurozone PMI sounds the alarm about growth once more

The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures