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Indian Rupee targeting new record lows as RBI's interventions continue to fail
Key Takeaways (30s Read)
The Indian Rupee is on a bearish trend against the USD as RBI interventions fail and is targeting new lows.
The Indian Rupee is experiencing a bearish trend against the US Dollar due to failed interventions by the RBI. After recent positive jobless claims data, the USD gained strength and the market anticipates that the bullish momentum may continue if data remains strong. The Rupee's recent breakout above the 90.40 resistance suggests a potential rally towards the 92.00 level, indicating a preference for buying on dips. Technical analysis across different timeframes highlights support at 90.40, where buyers are likely to re-enter the market expecting further upward movement.
AI Analyst
AI Opinion
"The Indian Rupee's continuous bearish trend against the US Dollar poses significant trading risks, particularly as RBI interventions have not succeeded. The recent breakout above the 90.40 level indicates potential upward movement, with traders expected to buy on dips. Inflation rates falling short of RBI targets and an absence of expected rate cuts suggest further weakness for the Rupee. The macroeconomic environment, including US influence and potential trade tensions, will also play crucial roles in shaping trading strategies moving forward."
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