- 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
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
Editors’ Picks
EUR/USD trims losses and approaches 1.1380
The US Dollar now succumbs to the re-emergence of the selling pressure and allows EUR/USD to recoup part of the ground lost and approach to the 1.1380 zone on Thursday. Earlier on Thursday, the ECB matched estimates and lowered its rates by 25 bps.
GBP/USD extends the daily recovery, looks at 1.3300
The upside impulse in the British pound remains everything but abated and now propels GBP/USD to the upper end of the range, shifting its attention to recent yearly peaks near 1.3300 the figure.
Gold breaks below $3,300, daily troughs
Further improvement in the sentiment surrounding the risk-associated universe put Gold prices to the test on Thursday. Indeed, the troy ounce of the precious metal faces increasing downside pressure and breaches the key $3,300 mark to hit new daily lows.
Crypto market cap fell more than 18% in Q1, wiping out $633.5 billion after Trump’s inauguration top
CoinGecko’s Q1 Crypto Industry Report highlights that the total crypto market capitalization fell by 18.6% in the first quarter, wiping out $633.5 billion after topping on January 18, just a couple of days ahead of US President Donald Trump’s inauguration.
Future-proofing portfolios: A playbook for tariff and recession risks
It does seem like we will be talking tariffs for a while. And if tariffs stay — in some shape or form — even after negotiations, we’ll likely be talking about recession too. Higher input costs, persistent inflation, and tighter monetary policy are already weighing on global growth.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.