USD/INR gapped higher at 69.78 and rose to 69.875, the highest level since March 11. India, the world’s fastest growing economy is energy dependent and runs a current account deficit. Hence, oil rally tends to weigh over the Indian rupee. Brent oil jumped to five months earlier today after reports that the wires stating that the US is planning to force Iranian oil exports to zero. The US reimposed sanctions on Iran’s energy sector in November last year after Trump unilaterally moved out of the nuclear accord. The US government, however, had offered waivers to India, Japan and a few other nations. If reports are to be believed then the Trump Administration may no longer grant waivers, creating a bigger supply deficit in the oil market and complicating matters for countries like India. A sustained rally in oil prices could yield a falling wedge breakout on USD/INR’s weekly chart. That would signal a revival or continuation of the rally from the low of 63.25 seen in January 2018 and create room for re-test of record highs above 74.00 over the next few quarters. Weekly chart Trend: Bullish above falling wedge resistance 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 USD longs established – ANZ FX Street 4 years USD/INR gapped higher at 69.78 and rose to 69.875, the highest level since March 11. India, the world's fastest growing economy is energy dependent and runs a current account deficit. Hence, oil rally tends to weigh over the Indian rupee. Brent oil jumped to five months earlier today after reports that the wires stating that the US is planning to force Iranian oil exports to zero. The US reimposed sanctions on Iran's energy sector in November last year after Trump unilaterally moved out of the nuclear accord. The US government, however, had offered waivers to India,… 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.
