Societe Generale reports that the USD/INR pair is testing the lower bounds of its recent trading range, driven by RBI-led FX support that strengthens the Indian Rupee against the Dollar.
The USD/INR pair is currently trending toward the bottom of its established six-month trading range of 94.14-96.95. This downward pressure is primarily driven by active foreign exchange intervention and supportive policy measures implemented by the Reserve Bank of India, which are bolstering the rupee against the dollar.
The pair is currently operating within a six-month range of 94.14 to 96.95.
The movement is largely attributed to FX-supportive measures enacted by the Reserve Bank of India.
The USD/INR pair is trending toward the bottom of its six-month range between 94.14 and 96.95. Societe Generale strategists attribute this bearish momentum to recent foreign exchange interventions and supportive policy measures implemented by the Reserve Bank of India.
The pair is drifting lower due to recent foreign exchange supportive measures enacted by the Reserve Bank of India, which have strengthened the Rupee.