USD/INR: Upward bias within a 76-78 trading range – Credit Suisse

Analysts at Credit Suisse extend their upward bias in USD/INR to a 76-78 trading range now that the pair has crossed above the key 76 level.

Higher energy prices and a dovish RBI point to higher USD/INR

“For India, the recent rise in world market energy prices reinforces our pessimistic view for INR, despite our optimistic view for India’s growth in 2022.”

“Since the Reserve Bank of India (RBI) is still prioritizing growth over inflation, we don’t think such a hawkish shift is coming.”

“Now that USD/INR has crossed above the key 76.00 level, we expect an upward bias in a 76-78 trading range.”