Since touching a low of nearly 81.5580 on early Thursday of last week, the USD/INR has climbed incrementally higher.
Yes, there have been plenty of reversals up and down as the currency pair has tracked higher in the past few days, but the value of the USD/INR as of this writing is near the 81.8650 mark. Price velocity within the USD/INR in the past couple of hours has also begun to show signs of volatility, and this is likely a direct reflection of nervous sentiment starting to be generated as investors try to position their holding of the currency pair before the U.
. However, what is likely starting to cause fragile behavioral sentiment are worries the U.S. central bank will hint that another June Federal Funds Rate increase may be in the cards. . The Federal Reserve has been sounding an alarm about inflation for a long time. Let’s remember what happened in early February this year when the Fed was aggressive with its interest rate rhetoric, the USD got stronger. This Fed rhetoric caught many traders by surprise and caused losses.USD/INR traders should not fall asleep on their positions, meaning they should remain alert because volatility will certainly increase over the next day and a half.
. In recent trading it has been able to sustain prices below the important psychological mark of 82.0000, tomorrow’s trading may prove interesting to see if this level can remain as durable resistance. Fireworks should be expected in the USD/INR near-term and speculators wagering on the currency pair before the U.S.rhetoric tomorrow are taking a major risk. Again an interest rate increase tomorrow is nearly a certainty, but June’s outlook remains troubling.
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