Overview
It seems like the USD/INR pair is moving lower after reaching a record high earlier this week. The recent minutes of the FOMC policy meeting indicated a potential rate hike later this year, which could support US Treasury bond yields and the US Dollar. The ongoing risk-off environment might also help the USD as a safe-haven currency. From a technical perspective, breaking through the 83.00 resistance point could lead to further appreciation in the near term, with potential support levels at 82.80–82.75 and 82.60–82.55. The Relative Strength Index (RSI) suggests the pair could continue to move upward, and bulls might look for confirmation above 83.40 or the record high before aiming for the 84.00 mark.

Asian session saw a slight decline in USD/INR pair, moving away from record high. Spot prices retreated to 83.00 horizontal resistance breakpoint, but an upward trend is expected for three weeks.

Asian session sees slight decline in USD/INR pair, moving away from record high. Spot prices retreated to 83.00 horizontal resistance breakpoint, but upward trend expected for three weeks.

This week’s breakthrough at 83.00, a resistance level since November 2022, suggests USD/INR pair appreciation in the near future. If further decline occurs, new buyers may enter the 82.80–82.75 range, reaching 82.60–82.55 support, providing a strong foundation for spot prices.

The Relative Strength Index (RSI) has pulled back from the overbought region, supporting an optimistic outlook. The USD/INR pair should move upward due to minimal opposition. Bulls may wait for follow-through purchasing beyond the 83.40 region before preparing for a move towards 84.00.

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