The Indian National Rupee (NR) rebounded sharply versus its American counterpart on Tuesday, knocking-off the USD/INR cross back to test the key support placed near 72.40 region.
The renewed strength in the Rupee can be mainly attributed to the latest decline in oil prices after the US President Trump urged Saudi and the other OPEC producers not cut oil output in the coming months.
Moreover, fresh US dollar selling across the board on improved risk sentiment amid the US-China trade talks optimism also offered some support to the Indian currency.
On Monday, the Rupee slipped by 54 paise to hit an intraday low of 73.04 against the dollar after crude oil prices jumped more than 1.5% following top exporter Saudi Arabia announcement that a supply cut in December.
At the press time, USD/INR drops -0.45% to trade near 72.60 levels, unable to sustain above the 73 handle.
USD/INR
Overview:
Last Price: 72.5925
Daily change: -2.9e+3 pips
Daily change: -0.394%
Daily Open: 72.88
Trends:
Daily SMA20: 73.203
Daily SMA50: 72.9707
Daily SMA100: 71.0729
Daily SMA200: 68.5736
Levels:
Daily High: 73.087
Daily Low: 72.5
Weekly High: 73.154
Weekly Low: 72.34
Monthly High: 74.504
Monthly Low: 72.525
Daily Fibonacci 38.2%: 72.8628
Daily Fibonacci 61.8%: 72.7242
Daily Pivot Point S1: 72.5577
Daily Pivot Point S2: 72.2353
Daily Pivot Point S3: 71.9707
Daily Pivot Point R1: 73.1447
Daily Pivot Point R2: 73.4093
Daily Pivot Point R3: 73.7317
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
USD/JPY advances toward 149.50 ahead of crucial BoJ policy decision
USD/JPY is rising toward 149.50 in the Asian session on Tuesday, picking up fresh bids. Traders keenly await the highly-anticipated Bank of Japan policy decision. The BoJ's outlook on the negative interest rate policy and the Yield Curve Control (YCC) will play a key role in influencing the Japanese Yen.
AUD/USD creeps lower to test 0.6550 ahead of RBA’s decision
AUD/USD is grinding lower to test the 0.6550 level in Asian trading on Tuesday. The Aussie Dollar stays on the defensive against the US Dollar as markets prepare for the Reserve Bank of Australia's extended pause but the Bank's rate outlook will hold the key.
Gold awaits Bull Flag confirmation and central banks’ verdicts
Gold price is holding the previous rebounding in Asian trading on Tuesday, as buyers take a breather ahead of the upcoming key central banks’ policy decisions. The US Dollar is stretching higher amid a risk-averse market environment, shrugging off some weakness in the US Treasury bond yields.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market is crashing. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late.
Australia Interest Rate Decision Preview: RBA set to stand pat after discussing rate hikes in February
The Reserve Bank of Australia is widely expected to hold the Official Cash Rate steady at a 12-year high of 4.35% following the conclusion of its March monetary policy meeting on Tuesday. The decision will be announced at 03:30 GMT.