The Indian Rupee (INR) experienced a slight decline on Thursday, despite a weakened US Dollar (USD). This was attributed to increased liquidity in the Indian market and the dovish stance of the Federal Reserve (Fed), which recently cut rates. While the INR's downside may be limited due to the Fed's rate cut and continued foreign investment, rising crude oil prices could negatively impact the currency.
Indian Rupee weakens in Thursday’s Asian session. The increased liquidity flowing into the Indian market and dovish Fed drag the US Dollar down. Traders await the US weekly Initial Jobless Claims, the Philly Fed Manufacturing Index and Existing Home Sales on Thursday. The Indian Rupee loses ground amid the recovery of the US Dollar on Thursday. The downside of the INR might be limited after the US Federal Reserve made a large rate cut at its September meeting, which might weaken the US Dollar .
64 acts as an initial support level for the pair. A breach of this level could see a drop to 83.31, the low of June 18. Extended losses could attract some sellers to the 83.00 psychological mark. On the upside, the first upside barrier for USD/INR emerges at the support-turned-resistance level near 83.75. A crucial barrier is seen at the 83.90-84.00 region.
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