US Jobs Report Coming up: It felt like the market didn’t want to commit in either direction on Thursday, perhaps wanting to take some time to hold up and reflect ahead of today’s US jobs report.
Indian rupee defends 74.00 on RBI moves, focus on US NFP
USD/INR picks up bids to 74.12, snapping four-day downtrend, following the RBI announcement on early Friday. In doing so, the rupee (INR) pair considers the mixed moves by the Indian central bank as favoring the buyers while also portraying the pre-NFP trading lull.
In its latest monetary policy decision, the Reserve Bank of India (RBI) cut the Repo rate by 25 basis points (bps) to 3.75% but left Reverse Repo rate unchanged at 3.35%. Following the policy decision, RBI Governor Shktikanta Das said, “Economy is recovering from setback of second wave,” while also adding, “Continued monetary policy support from all sides is necessary to support recovery.”
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USD/INR Technical Analysis
50-DMA challenges USD/INR sellers around the 74.00 threshold, a break of which can recall the mid-May tops near 73.70 to the charts. Alternatively, 10-DMA and a 13-day-old resistance line, respectively around 74.27 and 74.36, guard the quote’s corrective pullback. Overall, bears have an upper hand over the bulls.
