

Indian rupee set to strengthen as confidence in Fed rate cuts grows

The Indian rupee is set to open on a stronger note, buoyed by rising confidence that the Federal Reserve will implement a series of rate cuts this year. Non-deliverable forwards suggest that the rupee (USDINR) will start trading against the U.S. dollar, an improvement from the previous session’s close. The USD/INR (US Dollar/Indian Rupee) daily chart shows a strong upward trend. The chart indicates that the pair has recently tested the resistance level, which has held so far, leading to some consolidation. The Moving Averages (MAs) are trending upwards, reflecting the bullish momentum in the market. The MACD histogram is slightly positive, with the MACD lines above the signal line, suggesting continued upward pressure. Traders are likely watching for a breakout, which could signal further gains for the USD/INR pair. Learn more about the rupee intervention here.

more about rupee intervention

Disclaimer:

As the rupee opens stronger, market participants will closely monitor the day’s developments, particularly the U.S. CPI release, which could significantly influence the direction of both the rupee and broader currency markets. The RBI’s interventions will also play a critical role in determining how the rupee navigates through the current market conditions. Traders are advised to prioritize proper risk management to make well-informed trading decisions.

Publication date:

2024-08-19 07:55:42 (GMT)

The terms and conditions of use set out below (referred to as "FX Blue's Terms"), form a contractual agreement governing FX Blue's relationship with you in relation to your use of this Website (“Agreement”) and you agree to be legally bound by FX Blue's Terms just as if you had signed this Agreement. By using this Website and any Information, you are agreeing to comply with and be bound by FX Blue's Terms, including any revisions that may be made to FX Blue's Terms from time to time. FX Blue reserves the right, in FX Blue's sole discretion, to change, modify, add or remove portions of FX Blue's Terms at any time by posting the revisions on the Website. You should check FX Blue's Terms periodically for changes as by using the Website after FX Blue posts any changes to FX Blue's Terms, you are agreeing to accept those changes, whether or not you have reviewed them, and you waive any right you may have to receive individualised notice of such changes. FX Blue's Terms may be supplemented by additional terms and conditions pertaining to specific content and activities. You agree and understand that such additional terms and conditions are hereby incorporated by reference to FX Blue's Terms. Your continued use of the Website means that you accept any new or modified FX Blue Terms.