Indian Rupee (INR) trades on a negative note on Thursday on the stronger US Dollar (USD) and higher US Treasury bond yields.
Indian Rupee struggles to gain ground on Thursday amid renewed USD demand and downbeat Indian WPI inflation data. India’s Wholesale Price Index inflation came in weaker than expected, dropping 0.20% YoY in February. Traders will closely monitor US Retail Sales on Thursday. Indian Rupee trades on a negative note on Thursday on the stronger US Dollar and higher US Treasury bond yields. Additionally, the downside of the INR is supported by the softer Indian inflation data for February.
00 might convince the bulls to charge again, possibly taking the pair to the upper boundary of the descending trend channel near 83.15. A break above this level will pave the way to the next upside target near a high of January 2 at 83.35, en route to the 84.00 round figure. On the downside, the key support level for USD/INR is seen near the lower limit of the descending trend channel at 82.60. A breach of the mentioned level will see a drop to a low of August 23 at 82.
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