The US dollar has been on the decline against the Indian rupee for the third straight day in the forex markets, according to currency data near the end of the US session today.
The USD/INR currency pair opened today near the 45.44 exchange rate level and touched an intraday high of 45.56 before retreating lower and has now fallen to its lowest since November 15th.
The dollar had been on the rise against the rupee for three straight weeks after the American currency declined to a 26-month low at the 44.03 level on November 5th. The dollar rose as high as 46.29 on November 26th and had broken above the 200-day moving average (red line) before this week’s fall.
The pair is currently trading slightly above the 45.00 exchange rate level and right at the 50-day moving average (white line), according to data from Oanda.
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