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Fundamental analysis

Indian rupee extends recovery from weekly lows

GKFX | Feb. 20, 2019
Indian rupee extends recovery from weekly lows

The Indian National Rupee (INR) extended its recovery from weekly lows against the US dollar and went on to hit three-day highs at 71.15 levels. At the press time, USDINR trades -0.15% at 71.19.

February 20, GKFX – The Rupee advances so far this Wednesday, tracking the rally in its Chinese counterpart, the Yuan, amid increased expectations of the US and China reaching a trade deal this week.

Moreover, the oil-price weakness combined with a broadly softer US dollar, in the wake of US-China trade deal optimism, further collaborated to the upside in the Indian currency.

Meanwhile, the local traders noted that the Rupee strength is on the back of some selling in American currency by banks and exporters. The USD/INR cross reached weekly tops at 71.71 levels after the domestic currency slumped on widening Indian trade deficit.

Looking ahead, the pair will continue to get influenced by the USD dynamics heading into the FOMC minutes release while markets also await the outcome of the US-China trade talks.

USDINR technical outlook

Overview:

    Today Last Price: 71.195

    Today Daily change %: -0.13%

    Today Daily Open: 71.29

Trends:

    Daily SMA20: 71.1902

    Daily SMA50: 70.8024

    Daily SMA100: 71.636

    Daily SMA200: 70.5279

Levels:

    Previous Daily High: 71.71

    Previous Daily Low: 71.225

    Previous Weekly High: 71.4705

    Previous Weekly Low: 70.105

    Previous Monthly High: 71.64

    Previous Monthly Low: 69.185

    Daily Fibonacci 38.2%: 71.4103

    Daily Fibonacci 61.8%: 71.5247

    Daily Pivot Point S1: 71.1067

    Daily Pivot Point S2: 70.9233

    Daily Pivot Point S3: 70.6217

    Daily Pivot Point R1: 71.5917

    Daily Pivot Point R2: 71.8933

    Daily Pivot Point R3: 72.0767

Disclaimer

This article was provided by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.