The Indian Rupee (INR) trades with mild gains on Thursday amid the modest decline of the US Dollar (USD).
The India n Rupee posts modest gains on the softer US Dollar on Thursday. Significant inflows into India n markets might support the INR, while renewed US Dollar demand could cap the upside. Investors await the US weekly Initial Jobless Claims, Housing data, and Philly Fed Manufacturing Index, which are due on Thursday. The India n Rupee trades with mild gains on Thursday amid the modest decline of the US Dollar .
TheUSD/INR pair maintains the constructive outlook unchanged above the key 100-day Exponential Moving Average on the daily chart. Nonetheless, further consolidation looks favorable amid the neutral level of the 14-day Relative Strength Index . In the bullish case, the first upside target for the pair will emerge at 83.55 . The next barrier is located at 83.72 and then the 84.00 psychological level. On the flip side, the key support level is seen near 83.30, the 100-day EMA.
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