The US dollar has been on the decline against the Indian rupee for the second straight day to start the week in the forex markets on Tuesday, according to currency data in afternoon of the US session.
The USD/INR currency pair opened the day near the 45.66 exchange rate level and advanced to an intraday high of 45.81 before turning lower. The pair has decreased from the high to currently trading near the 45.54 level which is just above the low for the day.
The dollar gained ground against the rupee last week to end the week at the 45.73 level. The American currency had declined to a 26-month low at 44.03 on November 5th before rebounding as high as 46.29 on November 26th and has stayed trading in an upward price channel since the November low.
USD/INR Daily Chart – The pair is currently trading right near the 45.50 exchange rate level and below at the 21-day moving average (green line), according to data from Oanda. Previous support level is below at the 45.35 exchange rate.
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