The Indian Rupee (INR) trades flat in Wednesday's Asian session, supported by USD sales but vulnerable to persistent capital outflows and geopolitical tensions. Investors await the FOMC Minutes and US labor market data for further direction on the US Federal Reserve's interest rate trajectory.
The Indian Rupee trades flat in Wednesday’s Asian session. The USD sales help ease the INR’s pressure, but an unabated outflow of foreign capital could weigh on the INR. Investors await the FOMC Minutes due later today. The Indian Rupee holds steady on Wednesday after posting its biggest one-day gain in over a month in the previous session. The heavy US Dollar sales by foreign banks help ease the INR’s pressure.
However, further consolidation cannot be ruled out before positioning for any near-term USD/INR appreciation as the 14-day Relative Strength Index stands near 79.60, indicating an overbought condition. The all-time high of 85.84 acts as an immediate resistance level for USD/INR. If the pair prints bullish candlesticks and sustainably breaks above the mentioned level, it could draw in technical buyers and pave the way to the 86.00 psychological mark.
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