– The Indian Rupee (INR) is trading positively as a result of strong foreign inflows.
– According to Prime Minister Narendra Modi, India’s economy will rise to rank among the top three in the world.
– The United States Consumer Price Index (CPI) inflation report will be the main event on Thursday.
– The World Bank has kept India’s economic growth forecast for FY25 at 6.4%.
By 2027–2028, India wants to have the third-largest economy in the world, with a $5 trillion GDP.
– It is anticipated that US interest rates will stay high until inflation gets back to 2%.
– Core and headline inflation are predicted to rise in the United States according to CPI data for December.
– The range of the US Dollar /Indian Rupee pair’s trading price is 82.80 to 83.40.
– Based on data from the 100-period Exponential Moving Average (EMA) and the RSI, the pair has a bearish outlook in the shorter timeframe.
– If 83.00 is breached, there could be a decline to 82.80 and then 82.60.
– Potential targets are at 83.47 and 84.00, with the current resistance level at 83.40.