RBI’s monetary policy unfolded as expected, resulting in minimal volatility in the USDINR market. Policy rates were left unchanged, while the inflation forecast for FY24 was revised down from 5.2% to 5.1%. RBI maintained its growth expectation for FY24 at 6.5%. Nevertheless, USDINR started the day with a downward gap due to a decline in the US Dollar Index, triggered by a surge in US unemployment claims to 18-month highs. With the upcoming Fed meeting, traders are now anticipating no changes.
USD INR Gann Angle Chart
The price continues to get support from 82.50-82.25 range. Break of 82.25 can lead to fall towards 82.
USD INR Plannetary Support and Resistance Line
Indain Rupee is above Venus Plannetary line heading towards 82.20/82
USD INR Harmonic
Price is heading towards 81.5 to complete GARTLEY pattern.