Start Trading Now Get Started
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

USD/INR Forecast: Edges Higher Amid Consolidation

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
  • During my daily analysis of exotic currency pairs, the USD/INR pair has been relatively quiet during the Monday and Tuesday sessions.
  • Because of this, the market has the idea of the ₹84.50 level being a barrier, which makes a certain amount of sense as the Indian rupee tends to move in ₹0.25 levels.
  • With this being said, we are just simply grinding a way to the upside, which makes a certain amount of sense considering that the Bank of India tends to be very active in this market, and it does tend to manage the decline of Indian rupee over the longer term, because it does assuage inflation.

USD/INR Forecast Today 13/11: Edges Higher (graph)

The Trend Continues

The trend should continue, and I do believe that it continues to be very positive. The market pulling back at this point in time will only offer “cheap greenbacks” that a lot of people will be paying close attention to. The ₹84.25 level should be support based upon “market memory”, assuming that we can even pull back to that area. If we do, I think there will be plenty of value hunters out there willing to take advantage of this move. On the upside, the ₹84.50 level will be an area that a lot of people pay close attention to as a potential ceiling. If we break above that level, then I think you’ve got a situation where the US dollar continues to rally, perhaps on its way to the ₹85 level over the longer term.

Top Forex Brokers

1
Get Started 74% of retail CFD accounts lose money Read Review

Keep in mind that the US dollar is stronger against most currencies, not just the Indian rupee. Because of this, I think you have to watch the US dollar against multiple currencies before placing any trade, because once the market moves in one direction against multiple pairs, it gives you a clear sign as to what’s going on with the greenback. As things stand right now, it certainly looks like the greenback is favored against most currencies, and the Indian rupee won’t be any different as far as that is concerned.

Ready to trade our daily Forex analysis? Here’s a list of some of the best forex brokers in India to check out

Christopher Lewis
About Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
 

Most Visited Forex Broker Reviews