USD/INR ANALYSIS (Technical)
USD/INR bounces off 11-month low but bears keep the reins.
Sustained break of 61.8% Fibonacci retracement, absence of oversold RSI suggest further weakness.
Three-month-old resistance line offers immediate resistance ahead of the key Fibonacci retracement level.
Highs marked since September 2019 challenge the bears.
USD/INR ANALYSIS (Fundamentals)
India’s 2021 growth outlook revised to 11.5% by IMF
Vaccine rollout program requires additional buy-in from public
U.S. Dollar influence remains critical to USD/INR
USD/INR - The US Dollar (USD) against the Indian Rupee (INR) is emerging as a popular currency pair out of the exotic pairs group. While the USD/INR pair is monitored by the Reserve Bank of India, resulting in a managed floating rate, other currency pairs against the Indian Rupee (including the Euro) have a market-determined or floating exchange rate. As India's economy and business climate continue to develop and grow, trading the USD/INR pair has become an attractive investment opportunity for forex traders.
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