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The Indian National Rupee (INR) extended its winning streak into a fourth day today versus its American counterpart and went onto hit the best levels in three months at 69.592 last hour, before losing ground slightly to now trade near 69.70.

The USD/INR cross is on track to book more than 5% loss in November, as the Rupee sees its best monthly advance since 2015, marking five straight weekly gains.

The key drivers for the ongoing rebound in the Rupee are falling oil prices and broad-based US dollar weakness over the past few trading sessions. The greenback was dumped across the board following dovish comments by the Fed Chair Powell and the recent FOMC minutes, both of which suggested that the Fed is likely to slow its policy tightening amid economic growth concerns.

However, the main reason for the turnaround in the worst-hit emerging markets (EM) currency was the oil-price sell-off, triggered by mounting supply overhang concerns and escalating US-China trade tensions.

Weaker oil prices, usually, help to narrow the current account deficit for the Indian crude importers. India is the world’s third-biggest oil consumer after the US and China.

USD/INR Technical Levels

USD/INR

Overview:
       Today Last Price:  69.695
       Today Daily change:  -1.0e+2  pips
       Today Daily change %:  -0.0143%
       Today Daily Open:  69.705
Trends:
       Previous Daily SMA20:  71.747
       Previous Daily SMA50:  72.7467
       Previous Daily SMA100:  71.4013
       Previous Daily SMA200:  69.0214
Levels:
       Previous Daily High:  70.6406
       Previous Daily Low:  69.69
       Previous Weekly High:  72.102
       Previous Weekly Low:  70.495
       Previous Monthly High:  74.504
       Previous Monthly Low:  72.525
       Previous Daily Fibonacci 38.2%:  70.0531
       Previous Daily Fibonacci 61.8%:  70.2775
       Previous Daily Pivot Point S1:  69.3831
       Previous Daily Pivot Point S2:  69.0613
       Previous Daily Pivot Point S3:  68.4325
       Previous Daily Pivot Point R1:  70.3337
       Previous Daily Pivot Point R2:  70.9625
       Previous Daily Pivot Point R3:  71.2843