The USD/INR is the quote for the US Dollar, the base currency, quoted against the Indian Rupee, the quote currency.
The INR is the legal tender of India but in official use by Bhutan and Nepal. It traces its origins to the 6th to 4th century BC, and India was one of the first countries to issue coins besides China and no longer existent Lydia. The original Rupee was a silver coin, but some texts mention gold, copper, and lead coins alongside silver coins.
India is an emerging market economy and the most populous economy globally, with ambitions to transition to a developed economy over the next 25 years. The Indian economy has many challenges to transform, including dated infrastructure, inefficient manufacturing, high unemployment, and poverty. Therefore, the Indian Rupee is one of the worst-valued national currencies against the US Dollar.
BRICS membership highlights the importance of India and the Indian Rupee globally. India is the Asian counterpart to China, aiming to offer Western economies an alternative for outsourcing and supply chain management. The USD/INR is a thinly traded currency pair and is not widely available at most online Forex brokers. India also has domestic restrictions on Forex trading.
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As I look at exotic currency pairs around the world, the USD/INR pair is one that I pay close attention to, as it has been in a massive uptrend for some time.
During my daily analysis of exotic currency pairs, the USD/INR currency pair has caught my attention as it looks very bullish at the moment.
Traders of the USD/INR have been treated to another round of Reserve Bank of India governance regarding the currency pair as the higher price realms have again taken hold.
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The US dollar initially fell a bit during the trading session on Tuesday against the Indian rupee, testing the 84 level.
During my daily analysis of exotic currency pairs, the US dollar is captured my attention as we continue to see it stretch higher against the Indian rupee.
The US dollar gapped lower showing signs of weakness against the Indian rupee right away on Monday but has turned around to fill that gap.
The US dollar has rallied a bit against the Indian rupee to challenge the 50-day EMA during the Friday session, which of course is a risk-off sign
The USD/INR has risen the past two day of trading.
USD/INR pair has pulled back rather significantly.
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The notion that the USD/INR exchange rate is overbought and that it will soon start to create downwards momentum is likely wrong.
The USD/INR pair is still a very bullish market.
We have seen a lot of volatility in this market.
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The USD/INR exchange rate remains a difficult currency pair for day traders to speculate on because of India’s government controls on Forex, yet the incremental rise higher remains technically attractive.
This asset looks as if it is still stuck in the consolidation move.