The Indian Rupee is also expected to show volatility as the annual result season is at the doorstep. Meanwhile, Foreign Institutional Investors (FIIs) are turning buyers in the Indian market after months of correction.

On the oil front, oil prices are expected to extend their upside above $81.50 on expectations that the Federal Reserve (Fed) will reach its terminal rate sooner.

After a firm recovery, USD/INR has reached near the upper portion of the Falling Channel formed on a four-hour scale. Every pullback in the aforementioned chart pattern is considered as buying opportunity for market participants. The 20-period Exponential Moving Average (EMA) at around 82.00 is providing a cushion to the US Dollar bulls.

Also, the Relative Strength Index (RSI) (14) is making efforts in climbing above the 60.00 level. An occurrence of the same will trigger the upside momentum.

Should the asset break above April 05 high at 82.20, US Dollar bulls will push the major toward April 03 high at 82.45 and March 22 high at 82.70.

Alternatively, a downside below April 07 low at 81.75 will drag the asset to March 06 low at 81.57 followed by January 06 low at 81.30.