The US dollar has lost ground against the Indian rupee in the forex market for second day in a row and currently trades just above the 45.60 exchange rate. The USD/INR pair’s price action last week was bullish but came into resistance at the 200-day moving average right near the 46.00 exchange rate.
The pair encountered more resistance yesterday at the 200-day moving average and has followed through lower in today’s trading.
The USD/INR currency pair opened the day at the 45.85 exchange rate, reaching a high for the day at the 45.92 level, according to currency data from Oanda. The pair currently trades near the 45.60 exchange rate at the end of the US session which is close to the low of the day at 45.61.
USD/INR Forex Chart – The Dollar/Rupee currency pair tested and hit resistance at the 200-day simple moving average (red line) yesterday and continued lower in today’s trading with support levels below at 45.50 (50-day moving average) and previous support at 45.35.
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