The USD/INR pair is making efforts to break above the immediate resistance of 82.00 in the Asian session. The asset is expected to discount the overnight gains in the US Dollar index (DXY) supported by a recovery in the United States real estate market.

Upbeat New Home Sales data in the US economy trimmed the risk of soon recession as investors believe that more construction proposals will strengthen the labor market further and also consumer spending is rising. Usually, the impact of recession is first observed in the property sector, and bottoming out real estate despite higher interest rates from the Federal Reserve (Fed) indicates that recession is not in picture for now.

At the time of writing, the USD Index is consolidating in a nominal range above 101.80 as investors are awaiting the monthly US Durable Goods Orders data (March) for further guidance. The street is anticipating an expansion of 0.8% against a contraction of 1.0%.

An expansion in orders for Durable Goods to manufacturers indicates strong demand from households, which could keep the core Consumer Price Index (CPI) stubborn ahead and may force the Fed to remain hawkish while delivering guidance on interest rates.

On the oil front, oil prices have gradually advanced to near $77.50 in the Asian session after declining to a three-week low at $76.60. The oil price is expected to show a volatile action ahead of the release of the inventory data by the US Energy Information Administration (EIA).

It is worth noting that India is one of the leading importers of oil in the world and a recovery in the oil price will impact the Indian rupee.