The unexpected decision by the RBI to hold off on raising interest rates was unsuccessful in pushing USDINR higher for three reasons:
- The RBI showed shrewdness by adopting a flexible approach. In case inflation starts to inch up, they have left the door open for rate hikes.
- The US Dollar is weak globally, which benefits the Indian Rupee.
- The Fed is anticipated to pause at its upcoming meeting, making this action by RBI not an outlier.
US jobs are more or less in line, resulting in USDINR remaining flat at 81.85 levels on the spot. However, several other indicators, including ADP, JOLTS, industry surveys, employment-related PMI sub-indices, and even ISM data, indicate a sluggish job gain in March. If the actual data is weaker than anticipated, the US Dollar Index may fall, triggering a sell-off of USDINR.
USD INR Gann Angle Chart
The price continues to get rejected from the resistance level of 83 and is taking multiple supports at the 2×1 Gann angle. USDINR remains in a range between 82 and 82.50 levels. In the event that prices break below 82 and sustain, they may test 81.50 and 81.25 levels.
USD INR Plannetary Support and Resistance Line
Indain Rupee is below Venus Plannetary line heading towards 81.50/81.25
USD INR Harmonic
Price is heading towards 81.50 to complete GARTLEY pattern.