- USD/INR probe late-August top as US dollar remains bid.
- Risks dwindle as hopes of blue wave fade, Trump gives a tough fight to Democrats.
USD/INR reverses the pullback from 74.98 while picking up the bids near 74.87, up 0.25% intraday, amid the initial Indian session on Wednesday. In doing so, the quote probes the highest levels last seen since August 20.
Earlier in Asia, hopes of a blue wave, landslide victory by Democrats, dropped as a close call in Florida please US President Donald Trump & Company.
The news not only weighed on the S&P 500 Futures and Asian markets but helped the US dollar index (DXY) to mark the biggest comeback in over three months to probe September 29 top.
However, the latest polls suggest Trump has 150 seats whereas Democratic rival Joe Biden has 207 votes to keep the global markets hopeful for further easy money, which in turn favors the riskier asset.
It should be noted that uncertainty will keep haunting markets till the last poll comes out, likely on November 06. So traders should keep eyes on the election updates for fresh impetus.
Technical analysis
A daily closing below the 200-day SMA level around 74.45 can offer ease to the USD/INR bears.
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