Ponmudi R, CEO of Enrich Money told ANI, “the rupee has found some relief as crude prices have eased, trading below the Rs 95.80 level against the dollar in early trade” The currency nevertheless remains sensitive to oil prices, global yields and foreign portfolio flows, as per Ponmudi. At the same time, USD/INR is testing the 95.70–95.80 support zone, trading marginally lower on the day by 0.12%. “Immediate resistance is placed at 96.00–96.10, with a sustained break above this zone opening the way toward the next resistance at 96.40–96.50. On the downside, a decisive break below 95.70 could extend the pair’s weakness toward the next support at 95.40–95.50,” Ponmudi noted. As per Ponmudi, the RSI (Relative Strength Index) stands at 61, remaining elevated but easing slightly from recent highs, indicating that bullish momentum is moderating. “A sustained move above 96.00 against the US dollar would signal renewed weakness in the currency. A break below 95.50, meanwhile, could provide further relief to the rupee,” he stated.
