USD/INR Price News: Tumbles below 76.00 at day’s open as DXY shows exhaustion

• USD/INR has slipped below 76.00 as the DXY entered into a corrective wave.
• The risk-off impulse seems to fade away as global indices rebound.
• Oil prices are sustaining above $100.00 on renewed supply concerns.

The USD/INR pair has witnessed some significant offers at the open after failing to sustain above the round level resistance of 76.00. The asset is moving lower as the US dollar index (DXY) showed some signs of exhaustion in the Asian session after printing a 19-year high at 103.93 on Thursday. A rebound has been witnessed in the risk-on impulse, which is supporting the risk-perceived currencies and declining the safe-haven appeal.

The strength in the Indian rupee banks upon a minor correction in the DXY and a rebound in the Indian indices. Bulls are returning to Dalal Street, which is also fetching foreign funds and henceforth strengthening the Indian rupee. The pair is expected to remain volatile going forward ahead of the monetary policy meeting by the Federal Reserve (Fed) next week. A jumbo rate hike is likely to be featured by the Fed to leash the roaring inflation.

On the oil front, renewed supply concerns on the progress of Russian oil embargo talks by the European Union (EU) have thrust the oil prices higher. The oil prices have firmly established above $100.00 as investors underpinned the supply concerns against the demand worries led by the resurgence of the Covid-19 in China. Germany, which remained the major critic of a sudden embargo on Russian oil, has withdrawn its opposition, which will quicken the process of Russian oil prohibition.