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The Indian Rupee (INR) falls sharply against the US Dollar (USD) during afternoon trading hours in India on Friday. The USD/INR pair recovers to near 90.85, even as the Reserve Bank of India’s (RBI) monetary policy announcement has held the Repo Rate unchanged at 5.25%, as expected.
💡 DMK Insight
The INR’s sharp decline against the USD, hitting around 90.85, signals potential volatility ahead. Despite the RBI keeping the Repo Rate steady at 5.25%, the market’s reaction suggests traders are skeptical about the Indian economy’s resilience. This drop could be influenced by broader global trends, including the strength of the USD and ongoing geopolitical tensions. For day traders, this could mean looking for short opportunities in the INR, especially if it breaches key support levels. Watch for any signs of intervention from the RBI, as that could shift sentiment quickly. If the USD continues to strengthen, we might see the INR test even lower levels, which could impact related markets like Indian equities and commodities. On the flip side, if the INR stabilizes and shows signs of recovery, it might present a buying opportunity for those looking to capitalize on a rebound. Keep an eye on the 90.50 support level; a break below could trigger further selling pressure.
📮 Takeaway
Watch the 90.50 support level in the USD/INR pair; a break could lead to increased selling pressure on the INR.
