The Indian Rupee (INR) weakens on Monday. Heightened US Dollar (USD) demand in the non-deliverable forwards market and a weaker Chinese Yuan weigh on the local currency.
The India n Rupee edges lower in Monday’s Asian session. Elevated USD bids, weaker in Asian peers, and a dovish tilt inRBI’s monetary policy could undermine the INR. Traders will take cues from the India n PMI and WPI inflation data, which are due later on Monday. The India n Rupee weakens on Monday. Heightened US Dollar demand in the non-deliverable forwards market and a weaker Chinese Yuan weigh on the local currency.
On the flip side, the initial support level for the pair is located at 84.75, the lower boundary of the trend channel. Extended losses below the mentioned level could drag USD/INR to the next bearish targets at 84.22, the low of November 25, followed by 84.12, the 100-day EMA. Indian Rupee FAQs What are the key factors driving the Indian Rupee? The Indian Rupee is one of the most sensitive currencies to external factors.
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