Indian Rupee trades firmly on the day. The positive outlook of USD/INR remains intact in the longer term since the pair rose above a nearly four-month-old descending trend channel last week.
In the near term, USD/INR holds above the key 100-day Exponential Moving Average (EMA) on the daily chart, with the 14-day Relative Strength Index lying above the 50 midline. This suggests the upward momentum of the pair and the further upside looks favorable.
The first upside barrier for USD/INR is seen at an all-time high of 83.49. A break above this level will see a rally to 84.00 (round figure). On the flip side, a high of March 21 at 83.20 acts as an initial support level for the pair, followed by 83.00 (psychological level, the 100-day EMA). Any follow-through selling below 83.00 could encourage Dollar bears to charge and see a drop to a low of March 14 at 82.80
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