The USD/INR is the quote for the US Dollar, the base currency, quoted against the Indian Rupee, the quote currency.
The INR is the legal tender of India but in official use by Bhutan and Nepal. It traces its origins to the 6th to 4th century BC, and India was one of the first countries to issue coins besides China and no longer existent Lydia. The original Rupee was a silver coin, but some texts mention gold, copper, and lead coins alongside silver coins.
India is an emerging market economy and the most populous economy globally, with ambitions to transition to a developed economy over the next 25 years. The Indian economy has many challenges to transform, including dated infrastructure, inefficient manufacturing, high unemployment, and poverty. Therefore, the Indian Rupee is one of the worst-valued national currencies against the US Dollar.
BRICS membership highlights the importance of India and the Indian Rupee globally. India is the Asian counterpart to China, aiming to offer Western economies an alternative for outsourcing and supply chain management. The USD/INR is a thinly traded currency pair and is not widely available at most online Forex brokers. India also has domestic restrictions on Forex trading.
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The US dollar has rallied a bit against the Indian rupee to challenge the 50-day EMA during the Friday session, which of course is a risk-off sign
The USD/INR has risen the past two day of trading.
USD/INR pair has pulled back rather significantly.
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The notion that the USD/INR exchange rate is overbought and that it will soon start to create downwards momentum is likely wrong.
The USD/INR pair is still a very bullish market.
We have seen a lot of volatility in this market.
The US dollar initially rallied during Wednesday's session, breaking above the crucial 84 level.
The USD/INR exchange rate remains a difficult currency pair for day traders to speculate on because of India’s government controls on Forex, yet the incremental rise higher remains technically attractive.
This asset looks as if it is still stuck in the consolidation move.
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The US dollar rallied a bit from the support level during the trading session on Monday as the 83.75 level is considered to be important.
The first thing I see is that the US dollar did of course fall rather significantly against the Indian rupee.
The USD/INR pair offers an absurd amount of challenges for speculators if they want to pursue wagers on direction.
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Even as many major currencies got stronger against the USD the past couple of days (and past month and a half) the USD/INR has not correlated to the broad Forex markets.
I noticed that we continue to hang around the 84 Rupee level.