Surge in foreign inflows into equities, seasonal factors and broad USD weakness underpin. USD/INR breached the key 68.50 psychological support, what’s next? The Indian National Rupee (INR) extends its run of gains against the US dollar for the tenth straight session this Monday, dragging the USD/INR cross to fresh seven-month lows of 68.44. At the press time, the cross trades near 68.55, having faded the recent spike to 68.88. The Indian currency continues to benefit from the ongoing rise in the foreign investment flows into the Indian stock markets, as markets remain expectant of Prime Minister (PM) Narendra Modi returning to power for the second term. Further, broad-based US dollar amid increased odds of the Fed maintaining its accommodative stance on the monetary policy this week, following the recent series of downbeat US fundamentals, also collaborated to the downside bias in the USD/INR pair. The USD index trades near three-day lows of 96.40, down -0.11% so far. The seasonal “March factor also continues to remain one of the key factors behind the Rupee upsurge. According to Reuters, “”¦ most exporters bring back their dollars to India towards the end of the fiscal year to settle their annual accounts and repayment of debts which increases inflows.” USD/INR Technical Levels Overview: Today Last Price: 68.556 Today Daily change %: -1.00% Today Daily Open: 69.2725 Trends: Daily SMA20: 70.5061 Daily SMA50: 70.803 Daily SMA100: 71.0503 Daily SMA200: 70.7784 Levels: Previous Daily High: 69.671 Previous Daily Low: 68.917 Previous Weekly High: 70.22 Previous Weekly Low: 68.917 Previous Monthly High: 71.915 Previous Monthly Low: 70.105 Daily Fibonacci 38.2%: 69.205 Daily Fibonacci 61.8%: 69.383 Daily Pivot Point S1: 68.9027 Daily Pivot Point S2: 68.5328 Daily Pivot Point S3: 68.1487 Daily Pivot Point R1: 69.6567 Daily Pivot Point R2: 70.0408 Daily Pivot Point R3: 70.4107 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 OPEC Source: OPEC, Non OPEC JMMC panel recommends no meeting In April – Reuters FX Street 4 years Surge in foreign inflows into equities, seasonal factors and broad USD weakness underpin. USD/INR breached the key 68.50 psychological support, what's next? The Indian National Rupee (INR) extends its run of gains against the US dollar for the tenth straight session this Monday, dragging the USD/INR cross to fresh seven-month lows of 68.44. At the press time, the cross trades near 68.55, having faded the recent spike to 68.88. The Indian currency continues to benefit from the ongoing rise in the foreign investment flows into the Indian stock markets, as markets remain expectant of Prime Minister (PM) Narendra Modi returning… 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.
