USDINR opened the session with a quiet drift, holding near 85.65 as traders digest a fresh cocktail of rate cues, oil price movement, and tariff speculation. The pair has bounced off last week’s dip but shows no real urgency neither from buyers nor sellers, as macro pressure builds in both directions.
The dollar is getting mild tailwind from hawkish Fed minutes and Powell’s steady tone before Congress. On the other side, the RBI is quietly firming its grip via reverse repo auctions, which start absorbing liquidity later this week. But the more immediate trigger? Brent oil quietly pushing back above $69. That’s not great news for an import-reliant rupee, especially with trade war headlines reemerging.
So far, USDINR has shrugged off the broader Asia FX weakness. But the clock’s ticking. Positioning ahead of the Fed’s July meeting and domestic inflation prints could set up a bigger move.
USDINR Chart Analysis Today
- Current price: ₹85.65
- Resistance levels: ₹86.13, ₹86.88, ₹87.49
- Support levels: ₹85.37, ₹84.88, ₹84.52
This isn’t breakout territory yet, but it’s no dead zone either. USDINR is coiling. A sharp unwind could hit either way, and traders will be watching oil and Powell’s next move like hawks.
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The post USD/INR Forecast: Rupee Slips as Tariff Uncertainty Lingers, Fed Bets Shift appeared first in UK on InvestingCube.
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