- The Indian roupine is negotiated in negative territory during the Asian session on Thursday.
- Attacks against cashmere have created a negative feeling, weighing on the INR.
- Initial unemployment requests from the weekly US will be published Thursday later.
The Indian Roupie (INR) faces some sales pressure Thursday while terrorist attacks in cashmere, India, weighed on feeling. In addition, the rise in crude oil prices undermines the Indian currency because India is the third consumer of world oil.
However, the lower US dollar could help limit the losses of the INR. Investors will keep an eye on the first unemployment complaints in the weekly US which later Thursday. In addition, the national national activity of Chicago Fed, orders for sustainable products and sales of existing houses will later become Thursday.
Indian rupe is weakened as the feeling of risk sake
- On Wednesday evening, the administration of American president Donald Trump said that she had already spoken to 90 countries concerning the prices. The administration noted that the United States will set prices for China in the next two to three weeks, and it depends on the end of China. Prices can drop.
- At least 28 people were killed and a lot injured on Tuesday when terrorists opened fire in a picturesque meadow near the pahalgam seaside resort in J&K, marking the deadliest attack since 2019.
- India has promised to retaliate against the terrorist attack in the region of northern India in Jammu-et-Cachemire. The United States, China and other nations also strongly condemned the attack on Wednesday.
- The HSBC India Manufacturing Party (PMI) HSBC index improved at 58.4 in April from 58.1 in March. The Indian services PMI increased to 59.1 in April against 58.5 before. Finally, the composite PMI climbed to 60.0 in April from 59.5 in March.
- A preliminary reading of the American composite PMI S&P Global fell to 51.2 in April from 53.5 in March. Meanwhile, the Manufacturer PMI increased to 50.7 in April compared to the previous reading of 50.2, better than the estimate of 49.4. The PMI services took place at 51.4 in April against 54.4 before, below the market consensus of 52.8.
- According to the Beige Book Report of the Federal Reserve (Fed) on Wednesday, companies dealing with the first stages of Trump prices are looking for means to adopt increasing costs on consumers.
- On Wednesday, the president of the Federal Bank of the Reserve of the Federal Reserve said on Wednesday that conditions still support the continuous discounts of the central bank.
The USD / INR Bearish bias is valid despite the intrajournal gains
Indian rupe softens during the day. However, in the longer term, the lower perspective of the USD / INR pair remains intact because the price is lower than the exponential average of 100 days (EMA) on the daily time. The downward momentum is reinforced by the relative resistance index of 14 days (RSI), which is below the midline nearly 44.35.
The initial support level for the USD / INR is located at 84.85, the lower limit of the downward trend channel. Prolonged losses could exhibit 84.22, the lowest of November 25, 2024. The next drop -down target is observed at 84.08, the lowest of November 6, 2024.
In the bullish case, the immediate level of resistance of the pair emerges at 85.85, the EMA at 100 days. Further north, the next obstacle to watch is 86.45, the upper limit of the trend channel.
