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- USD/INR Price News: Indian Rupee on the verge of an upside breakout
USD/INR Price News: Indian Rupee on the verge of an upside breakout
- USD/INR is attempting a breakout of the daily flag pattern.
- Bulls have their eyes on a run towards 75.60 recent highs.
USD/INR has been drifting higher on Thursday and is on the verge of a significant breakout to the upside. The following illustrates the relationship to the performs in the US yield curve, the greenback as measured by the DXY index and USD/INR.
USD/INR daily chart
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The price is creeping higher and despite the overnight drop in 10-year US yields on Wednesday. US benchmark 10-year Treasury yields dropped to a two-week low while the 2-year Treasury yields hit 19-month highs, further flattening the yield curve, as the possible timing of the Federal Reserve's first interest rate rise came into sharper focus.
The US dollar remains firm regardless but it is being helped along in Asia by a rise in the 2-year yield which has extended the prior day's jump of 17.5%. Today, they are up 3.3%.
The DXY, however, struggles to break the daily horizontal resistance as follows:
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