Forex Market: USD/INR daily forecast

During Friday’s trading session USD/INR traded within the range of 59.925-60.266 and closed at 60.025.

At 9:32 GMT, USD/INR was trading at 60.130, adding 0.17% for the day. The pair touched a daily high at 60.145 at 9:15 GMT.

Fundamental view

India’s annualized index of consumer prices (CPI) probably rose 7.95% in June, after adding 8.28% in the previous month. The index measures the changes over time in general price levels of goods and services that households acquire for the purpose of consumption. CPI is widely used by governments and central banks as a tool for inflation targeting and for monitoring price stability.

The monthly price data is collected from over 1 000 markets in 310 selected Indian cities by the Field Operations Division of NSSO and the specified State Directorates of Economics and Statistics and from over 1 000 selected villages by the Department of Posts. The data is being collected via Web Portals. This is the percentage change from the same month a year ago.

The Indian Ministry of Statistics and Programme Implementation (MOSPI) will release an official report at 12:00 GMT. Lower than expected CPI would have a bearish effect on the rupee.

Technical view

According to Binary Tribune’s daily analysis, in case USD/INR manages to breach the first resistance level at 60.219, it will probably continue up to test 60.413. In case the second key resistance is broken, the pair will probably attempt to advance to 60.560.

If USD/INR manages to breach the first key support at 59.878, it will probably continue to slide and test 59.731. With this second key support broken, the movement to the downside will probably continue to 59.537.