The Indian Rupee (INR) extends its downside on Thursday despite the weaker US Dollar (USD).
India n Rupee weakens in Thursday’s early Asian session, pressured by a sell-off in India n equities. RBI’s intervention and lower crude oil prices might cap the INR’s downside. Investors await the US ISM Services PMI, which is due later on Thursday. The India n Rupee extends its downside on Thursday despite the weaker US Dollar . A sell-off in domestic equities tracking global cues weighed on the INR, dragging the local currency to near all-time lows.
Nonetheless, the constructive view of the pair prevails as the price holds above the key 100-day Exponential Moving Average , with the 14-day Relative Strength Index pointing higher above the midline near 59.55. A major resistance level emerges at the 84.00-84.05 region, portraying the 84.00 psychological figure, the upper boundary of the triangle and the high of September 4. Sustained trading above this level might set USD/INR up to 84.50.
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