Tuesday, December 3, 2019

USD/INR hits three-day lows near 71.50, focus shifts to RBI

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USD/INR hits three-day lows near 71.50, focus shifts to RBI


  • Rupee rises on foreign banks’ dollar sales, short-covering ahead of RBI.  
  • Renewed USD selling amid trade and growth worries also weigh.
The Indian rupee extends gains for the second straight day on Tuesday, as USD/INR retreats further from five-day highs of 71.87 reached last Friday. At the time of writing, the spot has managed to bounce off the 71.50 support and trades near 71.65 region, +0.10% on the day.
The recent strength behind the rupee is mainly induced by increased foreign banks’ dollar sales. According to a dealer with an Indian private bank, “Rupee is trading with a positive bias due to flows and weakness in the dollar index. We expect the range-bound move to continue for the rest of the session due to lack of any fresh cues for the day.”
Further, broad-based US dollar weakness, in the wake of negative US factory data and US President Trump’s concerns over a stronger dollar, collaborates to the downside bias in the pair. Also, a short-covering rally in the rupee cannot be ruled, as markets resort to profit-taking, with the two-day Reserve Bank of India (RBI) monetary policy review meeting commenced.
Markets now await the RBI monetary policy decision for fresh direction on the rupee. In the meantime, the US-China trade-related headlines and USD dynamics will continue to influence the currency.
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USD/INR Technical levels to consider


USD/INR

OVERVIEW
Today last price71.6115
Today Daily Change-0.0224
Today Daily Change %-0.03
Today daily open71.6339
TRENDS
Daily SMA2071.5895
Daily SMA5071.2262
Daily SMA10070.994
Daily SMA20070.2363
LEVELS
Previous Daily High71.945
Previous Daily Low71.5885
Previous Weekly High71.8815
Previous Weekly Low71.2255
Previous Monthly High72.37
Previous Monthly Low70.4975
Daily Fibonacci 38.2%71.7247
Daily Fibonacci 61.8%71.8088
Daily Pivot Point S171.4999
Daily Pivot Point S271.366
Daily Pivot Point S371.1434
Daily Pivot Point R171.8564
Daily Pivot Point R272.079
Daily Pivot Point R372.2129
#Source: fxstreet

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