USD/INR Price News: Indian rupee eyes 75.00 amid a potential rising channel breakout

• USD/INR teases a rising channel breakout on the 1D chart.
• 74.82 is a tough nut to crack for the bulls amid retreating oil prices.
• Bullish RSI, crossover suggest more upside remains in store for USD/INR.           

USD/INR is consolidating Wednesday’s upsurge, keeping its range around 74.75 so far this Thursday’s Asian trading.

Markets are cheerful amid the latest reports about progress made on the US debt ceiling extension, which has weighed on the US dollar’s safe-haven demand.

Meanwhile, retreating oil prices on easing energy crisis, courtesy of Russia’s intervention, seems to have saved the day for the INR bulls.

Technically, USD/INR broke through the five-week-old rising channel upper boundary, then at 74.78, although failed to deliver a daily closing above it and thus, an upside breakout from the pattern.  

more to come ...