The Indian Rupee trades weaker on the day. The USD/INR pair continues to trade in a wider range of 82.80–83.40 since September. The shorter-term bullish outlook of USD/INR remains intact as the pair holds above the key 100-day Exponential Moving Average (EMA) with an upward slope on the daily chart. This upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which is above the 50.0 midline, indicating the path of least resistance is to the upside.
That being said, the first upside barrier for USD/INR will emerge at the upper boundary of the trading range at 83.40. A decisive break above 83.40 will see the additional upside filter at the year-to-date (YTD) high of 83.47, followed by a psychological round figure of 84.00.
On the other hand, the critical support level is seen at the 83.00 psychological mark. Any follow-through selling below 83.00 will pave the way to the confluence of the lower limit of the trading range and a low of September 12 at 82.80. Further south, the next downside target to watch is a low of August 11 at 82.60.
US Dollar price in the last 7 days
The table below shows the percentage change of US Dollar (USD) against listed major currencies in the last 7 days. US Dollar was the strongest against the Japanese Yen.
