The Indian Rupee (INR) edges lower on Tuesday, snapping the three-day winning streak.
India n Rupee loses ground in Tuesday’s Asian session. Renewed USD demand, higher oil prices undermine the INR; growing expectation of deeper Fed rate cut might cap its downside. India n WPI Inflation and US Retail Sales data will be the highlights later on Tuesday. The India n Rupee edges lower on Tuesday, snapping the three-day winning streak. The robust US Dollar demand from local importers, particularly oil companies, weighs on the local currency.
00 region, support-turned resistance level and psychological mark, could spur another bounce back to the immediate upside barrier around 84.50. On the downside, the low of September 16 at 83.82 acts as an initial support level for USD/INR. Any follow-through selling below this level will expose the 100-day EMA at 83.64. 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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