The Indian Rupee (INR) loses ground as the demand for the US Dollar emerges, which could be attributed to the expiration of monthly currency futures contracts. However, the INR may limit its downside due to expectations of foreign inflows, as Indian bonds are set to enter the JP Morgan Emerging Market (EM) Bond Index on June 28.
The US Dollar extends its gains on Tuesday, supported by the advance of the US Treasury yields.  The recent comments by Federal Reserve (Fed) officials indicated that the central bank is not in a rush to start its rate-cutting cycle.
Investors await key US economic data releases later this week. The revised US Gross Domestic Product (GDP) for the first quarter (Q1) is scheduled to be released on Thursday, followed by the Personal Consumption Expenditure (PCE) Price Index on Friday.
The USD/INR trades around 83.50 on Wednesday. The daily chart analysis shows a broadening pattern, representing increasing volatility. This chart pattern suggests a potential correction before moving lower. The 14-day Relative Strength Index (RSI) is positioned below the 50 level, indicating a bearish bias.
The immediate support appears at the 50-day Exponential Moving Average (EMA) at 83.40. A break below this level could exert pressure on the USD/INR pair to navigate the region around the lower boundary of the broadening bottom around the level of 83.30.
On the upside, the USD/INR pair may find resistance at the upper boundary of the broadening formation around the level of 83.70, followed by the psychological level of 84.00.
The table below shows the percentage change of the US Dollar (USD) against listed major currencies today. The US Dollar was the strongest against the Euro.
 | USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF |
USD | Â | 0.22% | 0.09% | 0.03% | -0.49% | 0.13% | 0.15% | 0.08% |
EUR | -0.21% | Â | -0.11% | -0.19% | -0.70% | -0.06% | -0.08% | -0.13% |
GBP | -0.09% | 0.12% | Â | -0.08% | -0.58% | 0.05% | 0.02% | -0.02% |
CAD | -0.03% | 0.19% | 0.07% | Â | -0.49% | 0.12% | 0.13% | 0.06% |
AUD | 0.49% | 0.69% | 0.54% | 0.50% | Â | 0.63% | 0.62% | 0.56% |
JPY | -0.14% | 0.07% | -0.05% | -0.13% | -0.60% | Â | 0.00% | -0.06% |
NZD | -0.15% | 0.08% | -0.04% | -0.11% | -0.62% | -0.02% | Â | -0.04% |
CHF | -0.08% | 0.13% | 0.02% | -0.06% | -0.54% | 0.06% | 0.08% | Â |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
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