Indian Rupee trades strongly on the day. However, USD/INR resumes its upside in the longer term since the pair surged above a multi-month-old descending trend channel last week.
In the near term, the bullish outlook of USD/INR remains intact as the pair holds above the key 100-day Exponential Moving Average (EMA) on the daily chart. Additionally, the 14-day Relative Strength Index lies above the 50 midline, indicating there is still room for near-term USD/INR appreciation.
An all-time high of 83.49 remains a tough nut to crack for USD/INR buyers. A decisive break above this level will pave the way to the 84.00 psychological level. On the flip side, the resistance-turned-support level at 83.20 acts as an initial support level. The crucial contention level is seen at the confluence of the 100-day EMA and the round figure of the 83.00 mark
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