Indian Rupee (INR) trims losses on Wednesday after facing some selling pressure in the previous session.
India n Rupee trades on a stronger note on Wednesday. Lower oil prices and optimism about foreign fund inflows support the INR after facing the uncertainty surrounding India n election. Traders will closely watch the India n HSBC Services PMI and US ISM Services PMI for May, which are due on Wednesday. India n Rupee trims losses on Wednesday after facing some selling pressure in the previous session.
80, and it supports buyers for the time being. A high of June 4 at 83.62 acts as an immediate resistance level for the pair. Any follow-through buying will see a rally to a high of April 17 at 83.72 en route to the 84.00 psychological level. On the downside, the resistance-turned-support level of 83.40 will be the first downside target for USD/INR. The next contention level to watch is the 100-day EMA at 83.20. A breach of this level will see a drop to the 83.
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