Rupee opens lower in early trade, possibly due to reports of Indian airstrike on targets in Pakistan. USD/INR could remain bid on escalating Indo-Pak tensions. The upside, however, could be capped if Fed’s Powell sounds dovish during his testimony to Congress. Indian rupee took a hit in early trade on Tuesday, possibly due to escalating tensions with arch-rival Pakistan. USD/INR gapped higher 71.26 and hit a high of 71.32 before falling back to 71.23. The currency pair had closed yesterday at 70.97. Reports hit the wires earlier today stating that Indian airforce targeted areas in Pakistan. The tensions between the two nations escalated following the dastardly Pulwama terror attack on Indian forces on Feb. 14. While the rising tensions with Pakistan will likely keep INR on the defensive, dovish comments from Fed Chairman Powell could limit the downside. The US Fed Chairman Powell will at Capitol Hill today to testify before Congress. Powell is likely to reiterate caution on interest rates and may offer clues on how the Fed plans to end its quantitative tightening program. Technical Levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin price prediction: a bit of slack season after a roller-coaster weekend FX Street 4 years Rupee opens lower in early trade, possibly due to reports of Indian airstrike on targets in Pakistan. USD/INR could remain bid on escalating Indo-Pak tensions. The upside, however, could be capped if Fed's Powell sounds dovish during his testimony to Congress. Indian rupee took a hit in early trade on Tuesday, possibly due to escalating tensions with arch-rival Pakistan. USD/INR gapped higher 71.26 and hit a high of 71.32 before falling back to 71.23. The currency pair had closed yesterday at 70.97. Reports hit the wires earlier today stating that Indian airforce targeted areas in Pakistan.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
