USD/INR: Rupee hits monthly lows at 71.10
The USD/INR pair has entered a phase of bullish consolidation near 71 handle, having fresh one-month highs at 71.10 in early trades.
The Rupee reversed Friday’s temporary bounce and fell back into the red zone versus its American rival on the back of “chunky outflows”. A foreign bank dealer noted: “There have been chunky outflows for the last two days. We are not sure what kind of outflows these are.”
Markets have ruled out any intervention by the Reserve Bank of India (RBI) while increased odds of monetary policy easing by the Indian central bank following disappointing Indian inflation figures also collaborated to the latest leg down in the Rupee.
Further, rising oil prices amid China stimulus talks combined with the latest bounce in the US dollar also underpinned the sentiment around the cross.
USD/INR Technical Levels
USD/INR
Overview:
Today Last Price: 70.995
Today Daily change: 2.2e+3 pips
Today Daily change %: 0.304%
Today Daily Open: 70.78
Trends:
Previous Daily SMA20: 70.1256
Previous Daily SMA50: 70.9387
Previous Daily SMA100: 71.8583
Previous Daily SMA200: 69.908
Levels:
Previous Daily High: 70.9455
Previous Daily Low: 70.355
Previous Weekly High: 70.73
Previous Weekly Low: 69.185
Previous Monthly High: 72.82
Previous Monthly Low: 69.505
Previous Daily Fibonacci 38.2%: 70.7199
Previous Daily Fibonacci 61.8%: 70.5806
Previous Daily Pivot Point S1: 70.4415
Previous Daily Pivot Point S2: 70.103
Previous Daily Pivot Point S3: 69.851
Previous Daily Pivot Point R1: 71.032
Previous Daily Pivot Point R2: 71.284
Previous Daily Pivot Point R3: 71.6225