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  • USD/INR uptrend remains intact as the quote is trading off three-decades highs.
  • A deeper pullback down cannot be ruled out.
  • The Fed cut interest rates by 100bps to 0%.

USD/INR weekly chart

USD/INR is trading above its main weekly simple moving averages (SMAs) while trading near h three-decade highs just above the 74.00 figure. To respond to the coronaivurs crises, the Federal Reserves cut interest rates by surprise by 100bps to 0%.

USD/INR daily chart

The spot is currently fading the 75.00 figure while challenging the 74.00 level. A daily close below the 73.50 level might lead to a deeper retracement down towards 73.00 and 72.50 levels. Buyers would need to recapture the 75.50 resistance in order to travel into uncharted territories. 

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