Daily FX Trends - Commentaries

USD/INR EURO/USD GBP/USD USD/JPY USD/CHF
Macro Support-Resistance Levels 95.25-97.75 1.1250-1.2100 1.2800-1.3800 150.00-162.50 0.7400-0.8300
Sentiment against USD Positive Negative Neutral Positive Positive
Forecast for the day 96.60-97.10 1.1550-1.1645 1.3350-1.3455 158.60-159.45 0.7875-0.7915

The Indian rupee fell to a fresh record low of 96.96 levels this morning, surpassing its previous all-time low of 96.61. The currency has already lost 6 since the Iran war began in late February. This ongoing fall in local unit is majorly driven by elevated crude oil prices along with spike in global bond yields, both fueled by stalled US-Iran peace talks. These factors have heightened inflation concerns worldwide, pushing yields to multi-year highs and dampening risk appetite across equity markets.

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