Indian Rupee trades flat with mild losses on the day. USD/INR maintains a bullish bias in the longer term since the pair rose above a nearly four-month-old descending trend channel last week.
In the near term, USD/INR remains above the key 100-day Exponential Moving Average (EMA) on the daily timeframe. The upward momentum is supported by the 14-day Relative Strength Index, which lies above the 50 midline. This indicates more room for further upside.
A bullish break past a high of November 10, 2023, at 83.49 could spur a rally to an all-time high of 83.70 en route to 84.00 (psychological level). On the other hand, a break below the support level near a high of March 21 at 83.20 would sustain its bearish move to 83.00 (round mark, the 100-day EMA), followed by a low of March 14 at 82.80
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