USD/INR extends its downside ahead of US NFP data

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The Indian Rupee (INR) is trading in positive territory for the third consecutive day, supported by the announcement of the India Budget 2024. The Finance Minister, Nirmala Sitharaman, stated that the government will focus on comprehensive governance, development, and performance, with priority given to the poor, women, youth, and farmers. The budget for infrastructure projects has increased by 11% to over $130 billion, and the government plans to build an additional 20 million affordable houses. Investors are closely watching the January US Nonfarm Payrolls data, with expectations of 185K job additions and an increase in the Unemployment Rate to 3.8%. Technical analysis suggests that the USD/INR pair remains in a bearish trend, with potential support at 82.72 and resistance at 83.00.

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https://www.fxstreet.com/news/usd-inr-extends-its-downside-ahead-of-us-nfp-data-202402020348