- The Indian rupee fell against the US dollar on Friday, still higher for the week.
- USD / INR is pointing to some consolidation above 72.60, key resistance at 72.90.
The USD/INR it is rising on Friday after falling for three consecutive days. It peaked at 72.86 before falling back to 72.72. Higher U.S. yields boosted the dollar, while a rebound in U.S. equity prices limited the pair’s rise.
The area around 72.90, the convergence of the 20-day moving average and a horizontal resistance is relevant: a break to the upside should open the door for a return above 73.00, targeting 73.20.
On the downside, a drop below the 72.50 area would leave USD / INR vulnerable to further losses. The next hurdle is seen at 72.33, ahead of the February low at 72.15.
On a weekly basis, the bias continues to point to the downside, particularly after the dollar failed to stay above the 20-week moving average (73.50).
Daily chart
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