- Indian rupee drops on Friday versus US dollar, still up for the week.
- USD/INR point to some consolidation above 72.60, key resistance at 72.90.
The USD/INR is rising on Friday after falling for three consecutive days. It peaked at 72.86 before pulling back to 72.72. Higher US yields boosted the dollar, while a bounce to the upside in US equity prices limited the upside in the pair.
The area around 72.90, the convergence of the 20-day moving average and a horizontal resistance is relevant: a break higher should open the door for a return above 73.00, targeting 73.20.
On the downside, a decline below the 72.50 area would leave the USD/INR vulnerable to more losses. The next obstacle is seen at 72.33, before the February low at 72.15.
On a weekly basis, the bias continues to point to the downside, particularly after the dollar failed to hold above the 20-week moving average (73.50).
USD/INR daily chart
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