Indian Rupee continues to face pressure from Middle East risks
The Indian Rupee (INR) remains under pressure against the US Dollar (USD), as oil prices continue to boil due to Middle East risks. In the opening trade on Friday, the USD/INR pair is slightly higher to near 95.25, closer to its over two-week high of 95.38 posted the previous day.
The Indian Rupee (INR) continues to face pressure as oil prices fluctuate due to risks in the Middle East. On Friday, the USD/INR pair was slightly higher near 95.25, close to its two-week high of 95.38. Higher oil prices negatively impact currencies with significant import reliance, like India. TD Securities anticipates this trend to persist into the US midterm elections, though they do not foresee Iran agreeing to a deal just before the elections.
The bank highlights tanker attacks and Houthi pressure have reduced Middle East flows, supporting the INR's higher range. Meanwhile, the US Dollar Index (DXY) is recovering, and 10-year US Treasury Yields are down. The USD/INR pair is trading at 95.25, with immediate resistance at the 20-day EMA near 95.32 and support at the June 25 low of 94.16.
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