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  • USD/INR extends the previous day’s losses further towards the six-week-old support line.
  • The monthly resistance trend line can check buyers past-21-day SMA.

USD/INR drops to 55.36, down 0.57% on a day, during the pre-Europe session on Friday. The pair took a U-turn from 21-day SMA the previous day and is currently declining towards an ascending trend line from March 27.

Even if sellers are likely to pause around 75.05 support line, a further downside below 75.00 round-figure might not refrain from challenging the late-March low near 74.40.

On the upside, a clear break above the 21-day SMA level of 76.07 could push the USD/INR prices towards the monthly resistance line near 76.62.

However, the pair’s additional rise past-76.62 needs to tackle 77.00 mark to aim for the previous month’s top surrounding 77.40.

USD/INR daily chart

Trend: Further downside likely