The Indian Rupee (INR) trades with mild gains on Friday as the dovish US Federal Reserve (Fed) minutes and lower crude oil prices support the local currency.
The India n Rupee strengthens in Friday’s Asian session. Fed's dovish remarks, decline of crude oil prices and RBI intervention continue to underpin the INR. Investors will closely monitor Fed Chair Jerome Powell’s speech on Friday. The India n Rupee trades with mild gains on Friday as the dovish US Federal Reserve minutes and lower crude oil prices support the local currency.
Additionally, the 14-day Relative Strength Index points higher above the midline near 58.40, suggesting that the bullish momentum is sustained. If USD/INR pops up bullish pressure above the 84.00 psychological mark, the pair could retest the record high of 84.24. A decisive break above this level may attract buyers to 84.50. Sustained trading below the ascending trendline around 83.92 could draw in sellers and drag the pair to 83.77, the low of August 20.
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