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    Market analysis INDIAN RUPEE, USD/INR UPDATE

    Related product:Forex
    Market analysis:After being postponed to this week, the Indian Rupee and Nifty 50 are awaiting today’s Reserve Bank of India (RBI) monetary policy announcement at 6:15 GMT. The central bank is anticipated to maintain benchmark lending rates unchanged following recent upward pressures on inflation.
     
    The RBI will also offer updated estimates for growth in the new fiscal year. For a further analysis of the interest rate decision, check out my outline here. What are the technical circumstances USD/INR and the Nifty are facing?
     
    The Indian Rupee has been struggling to find further progress against the US Dollar after USD/INR fell under short-term rising support from late August. This has shifted the setting into a consolidative state where the pair is ranging between 72.76 and 74.04. A breakout to the downside would open the door to downtrend resumption towards the 72.14 – 72.40 inflection zone.
     
    For upside scenarios, keep a close eye on the medium-term 50-day Simple Moving Average.

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