The Indian Rupee enjoyed its best daily gain since March on Friday, with USD/INR returning below 83.00. Economists at Société Générale analyze the pair’s outlook.
Possibility of short-term down move
The 30-day implied vol is trading at the lowest level in 20 years thanks to FX intervention by the RBI.
USD/INR has breached below the lower limit of the range since October denoting possibility of short-term down move.
Failure to reclaim the 50.DMA at 83.27 can spur a decline towards 82.65 and the late August low of 82.35.
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- Source: https://www.fxstreet.com/news/usd-inr-failure-to-reclaim-the-50dma-at-8327-can-spur-a-decline-towards-8265-socgen-202312180836
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