OCBC Bank's report, authored by Sim Moh Siong and Christopher Wong, discusses the recent rally of the Indian Rupee (INR) following headlines of a US-India trade deal. However, the report cautions that the lack of specifics may limit follow-through as investors return to fundamentals. The analysis highlights key technical levels for USD/INR and indicates downside risks in the near term.

INR rallies on trade deal news

"While the announcement provided a near-term sentiment boost to the INR, any follow-through is likely to be more measured, as markets refocus on relative rate dynamics, broader USD trends and global risk conditions rather than trade headlines alone."

"USDINR was last at 90.3 levels. Daily momentum turned mild bearish while RSI fell to near oversold conditions."

"Risks skewed to the downside for now. Support at 90 levels (23.6% fibo retracement of 2025 low to 2026 high)."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)