USD/INR Price Analysis: Rupee regains 76.50 despite India’s active covid cases jump to six-week high By anilpanchal7 USDINR RiskAppetite Coronavirus Growth Fed
The Indian rupee pair’s latest weakness ignores the resurgent covid woes and mostly firmer oil prices. Also challenging the INR bulls are the US dollar’s safe-haven appeal and the market’s risk for risk-safety due to the Ukraine-Russia crisis, as well as China’s coronavirus-led lockdowns. It should be noted that the greenback’s consolidation ahead of this week’s key data/event seems to have helped the USD/INR sellers of late.
Elsewhere, the International Monetary Fund also conveyed economic fears for the Asia-Pacific region, including India, while saying, “Economic growth in Asia and the Pacific will slow this year to 4.9%, less than last year’s 6.5% pace, amid the war in Ukraine, a resurgent pandemic, and rising interestLooking forward, the US ISM Manufacturing PMI for April, expected at 58.0 versus 57.
However, the quote’s successful trading above the key SMAs and the bullish cross of the 100-SMA over the 200-SMA hints at a short-term recovery.
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