The Indian Rupee has managed to publish another day of full gains against the US dollar.

Since the middle of the last week, Rupee had an impressive run posting gains for the six consecutive trading days. The Indian Rupee closed at 70.535 against the greenback at the end of the Wednesday trading session. At 9:00 AM BST, the Indian Rupee was trading at 70.680 erasing all of the previous trading gains. Most Asian currencies are posting losses against the greenback.

The US Dollar index, which tracks the relative value of the greenback relative to a basket of other major currencies, is trading slightly up relative to the previous trading day closing price of 97.52.

NIFTY 50 settled at 11604 registering a modest gain of 8 points on Wednesday. However, the domestic equity market surged during the Asia trading hours gapping higher, but it is currently trading down again at around 11581. The strength seen in the domestic equity market index can promote more risk taken from investors abroad, which in turn can fuel the USD/INR exchange rate to make a decisive break below the key psychological figure 70.000.

Unless we get more clarity on the macro themes such as US — China trade deal or Brexit, big investors will refrain from taking on more risk on emerging market economies such as the Indian economy. The Indian equity market has also become less attractive for foreign investors due to the slowdown in economic activity.

The Reserve Bank of India is also on track to become the most dovish central bank in Asia. The RBI has cut the interest rate which, currently stands at 5.15%, for the fifth consecutive time this year. This explains in part why the Indian Rupee is reluctant to strengthen beyond its current trading range.

USD/INR Technical Pattern

The USD/INR exchange rate remains range-bound between the key support level 70.350 and key resistance level and round number 72.000. While if in the medium-term there is no clear direction, the long-term trend outlook remains bearish for the Indian Rupee. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.