- Emerging market currencies gain against the US dollar on Tuesday.
- USD / INR has the worst day since December.
The USD/INR It is falling on Tuesday amid a widespread correction in the US dollar and rising stock prices on Wall Street. Risk appetite and the falling dollar pushed the pair below 73.00.
At time of writing, the USD / INR is trading at 72.90, testing the 21-day simple moving average. A break to the downside would expose the next support at 72.75 and below 72.50.
If the US dollar manages to climb back above 73.00, the cross is likely to continue to move sideways between 72.90 and 73.40. A daily close above 73.45 would be a potential trigger for a test of 73.75, the next resistance as the price would be above the 100-day moving average.
In the short term, the USD / INR is moving sideways, still trending slightly up after it broke a downtrend line last week. For the Indian rupee to rise further against the dollar, Treasury bond yields must stabilize and stock prices on Wall Street prevent sell-offs.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
