- Summary:
- The USDINR hovered near 83.12, with traders seeming more interested in keeping their positions light ahead of tomorrow’s U.S. inflation data,
Today’s USDINR session was like watching a pot about to boil but never quite hitting the mark. The pair opened flat around 83.10 and made a half-hearted attempt at reaching the 83.20 mark, but momentum was in short supply.
The U.S. dollar tried flexing its muscles, riding on some mildly positive jobless claims data, but the rupee wasn’t budging easily. Indian equities showed resilience, which provided a cushion for the currency. The USDINR pair seemed stuck in limbo.
By midday, the USDINR hovered near 83.12, with traders seeming more interested in keeping their positions light ahead of tomorrow’s U.S. inflation data, which could inject much-needed volatility into the market.
Today, excitement was mounting, and tension was at the 83.15 level. Every push higher was met with swift rejection, a sign that bulls lacked conviction. Sellers stepped in, keeping prices capped below this resistance level.
What can you expect in USDINR’s near future?
The USDINR remains in a range-bound pattern, oscillating without a clear direction. A higher-than-expected inflation reading would likely strengthen the USD, sending USD INR to 83.20 and testing the 83.30 resistance. Conversely, a weaker inflation print might lead to a dollar sell-off, giving the rupee much-needed relief and pushing USD INR to 82.90. As data hits the wire tomorrow, expect some fireworks.