The Indian Rupee (INR) holds steady near its all-time low on Thursday.
The India n Rupee remains steady near a record low in Thursday's Asian session. Equity outflows and persistent strength in the USD drag the INR lower. Investors await India ’s October WPI Inflation on Thursday ahead of the US PPI data release. The India n Rupee holds steady near its all-time low on Thursday. The continued withdrawal of foreign funds, sluggishness in domestic stock markets, and a rally in the US Dollar Index exert some selling pressure on the local currency.
On the flip side, the resistance-turned-support level at 84.32 acts as an initial support for the pair. A breach of the mentioned level could see a drop to the 84.05-84.10 region, representing the lower limit of the trend channel and the high of October 11. The next contention level to watch is 83.86, the 100-day EMA. A decisive break below this level could mark the start of a downtrend.
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