USD/INR: Rupee jumps to three-week highs near 69.85
The Indian National Rupee (INR) extended its winning streak versus its American counterpart into a third day today, knocking-off the USD/INR cross to the lowest levels in three weeks sub-70 level.
The ongoing rebound in the Rupee is mainly driven by the sell-off in oil prices amid the global economic slowdown and rising oversupply worries. The Indian currency further derived support from the open market operation conducted by the Reserve Bank of India (RBI).
Meanwhile, increased odds of a dovish Fed rate hike later on Wednesday weighs negatively on the US dollar, in turn, collaborating to the buoyant tone around the Rupee.
At the press time, USD/INR attempts a tepid bounce near 70.15 region, still down -0.25% on the day.
USD/INR Technical Levels
Today Last Price: 70.17
Today Daily change: -1.3e+3 pips
Today Daily change %: -0.185%
Today Daily Open: 70.3
Previous Daily SMA20: 70.9886
Previous Daily SMA50: 72.2186
Previous Daily SMA100: 71.7312
Previous Daily SMA200: 69.4242
Previous Daily High: 71.865
Previous Daily Low: 70.225
Previous Weekly High: 72.82
Previous Weekly Low: 70.8605
Previous Monthly High: 74.09
Previous Monthly Low: 69.5705
Previous Daily Fibonacci 38.2%: 70.8515
Previous Daily Fibonacci 61.8%: 71.2385
Previous Daily Pivot Point S1: 69.7283
Previous Daily Pivot Point S2: 69.1567
Previous Daily Pivot Point S3: 68.0883
Previous Daily Pivot Point R1: 71.3683
Previous Daily Pivot Point R2: 72.4367
Previous Daily Pivot Point R3: 73.0083