The Indian Rupee trades strongly on the day. The bullish stance of USD/INR remains intact in the long term since the pair has risen above a nearly four-month-old descending trend channel since March 22.
In the near term, USD/INR holds above the key 100-day Exponential Moving Average (EMA) on the daily timeframe, with the 14-day Relative Strength Index (RSI) standing in bullish territory around 55.0. This indicates that the further upside looks favorable.
Any follow-through selling below 83.20 (high of March 21), the pair could drop all the way down to the 83.00–83.50 region (round mark, the 100-day EMA), followed by 82.80 (low of March 14). On the upside, a convincing bullish movement above 83.45 (high of April 5) could open the pair to a move back to its all-time high of 83.70 en route to the 84.00 psychological level.
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