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USD/INR Analysis Today 16/01 - Price Quickens As Rush Higher
(MENAFN- Daily Forex)
- Highs of nearly 86.7000 were seen on Monday of this week in the USD/INR, this after the currency pair was traversing around 85.9000 vicinity before the U.S jobs reports were published on Friday. Because the USD/INR is not a widely traded currency pair in Forex, Monday's reaction higher was robust and since then highs have been maintained with only incremental selling being displayed. In other words, the move higher which was fast on Monday did not see a significant reversal lower, likely pointing out the Reserve bank of India is alright with the current market price for the USD/INR.
- The USD/INR was near the 84.1000 mark on the 5th of November, yes this was election day in the U.S, but the upwards climb since the first week of December has been stronger. This suggests the Reserve Bank of India has either made a decision to let the Indian Rupee loss more value, or they do not have effective tools to stop the buying of the USD to counteract the trend. If the past month of USD/INR is a combination of both possibilities it could mean the currency pair will cement current price levels and move higher. The question seems to be one of velocity, will the USD/INR creep upwards or do it at a rate of speed which has been seen the past handful of weeks?

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