The Indian Rupee (INR) remained steady on Wednesday, recovering from its record low, as November’s HSBC Services PMI came in at 58.4, slightly below October’s 58.5 and market expectations of 59.2. Despite robust service sector growth, INR faces pressure from weaker GDP figures, foreign fund outflows, and strong USD demand.
While Reserve Bank of India (RBI) interventions may limit the INR’s downside, broader economic concerns continue to weigh. Key U.S. data, including the ADP Employment Change and ISM Services PMI, alongside Federal Reserve Chair Jerome Powell’s speech, are under close watch for further cues on USD dynamics.
Technically, USD/INR remains bullish, supported by its position above the 100-day EMA and an RSI of 67. Resistance lies at the all-time high of 84.77, with potential for further gains toward 85.50. Support is seen at 84.55 and 84.00, limiting the pair’s downside risks.


