The Indian Rupee (INR) flat lines on Thursday. The renewed US dollar (USD) demand from importers, foreign banks, foreign fund outflows and a muted trend in domestic equities further undermine the local currency.
The India n Rupee holds steady in Thursday’s Asian session. Persistent demand for USD and a cautious outlook from Fed officials might add further pressure on the INR. The US weekly Initial Jobless Claims, Existing Home Sales and final reading of Q3 GDP data will be released later on Thursday. The India n Rupee flat lines on Thursday. The renewed US dollar demand from importers, foreign banks, foreign fund outflows and a muted trend in domestic equities further undermine the local currency.
00 appear to be a tough nut to crack for bulls. The breakout above this level could see a rally to the next upside target at 85.50. On the other hand, the initial support level emerges at 84.82, the lower boundary of the trend channel. A breach of the mentioned level could expose 84.22, the low of November 25. Bearish candlesticks could see a drop to 84.16, the 100-day EMA.
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