USD/INR Price: USD/INR extends pullback from 72.20 to around 72.60, down 0.07% intraday, during the initial Indian session on Thursday. In doing so, the quote rejected the previous two-day upside bias while easing below a confluence of 21-day and 50-day SMA.
USD/INR Price News
Given the normal RSI conditions joining the pair’s repeated failures to cross the key SMA joint and a descending trend line from March 02, Rupee is likely to hold lower grounds. During the fall, the 72.50 round-figure comprising the mid-February lows can offer immediate support ahead of the monthly bottom near 72.25.
However, the yearly low near 72.17 and the 72.00 threshold can test the Rupee bears afterward. Meanwhile, a daily closing beyond the stated SMA convergence near 72.85 will need validation from the short-term resistance line, at 73.01 by the press time, before recalling the USD/INR buyers.
If at all the quote successfully stays above 73.01, March 08 high near 73.40 and the yearly top near 74.20 will be the key to watch.