Been watching USD/INR pretty closely lately. The rupee's been getting some solid support after that US-India trade framework deal came through last week – apparently the effective tariff rate could drop to around 20% from 34%, which is pretty significant. That's been helping lift the pair and the rupee just hit its strongest weekly gain in over three years according to the numbers I'm seeing.

On the dollar side, things are a bit choppy. The DXY is trading near 97.60 and losing ground for the second straight session. Everyone's waiting on that delayed US employment report and Fed signals – markets are pricing in no rate hikes in March, with potential cuts coming later this year. Some Fed officials are talking about a low-hiring environment, but others are still concerned about inflation staying elevated.

Looking at the technical setup on USD/INR, it's trading around 90.60 right now and the chart shows a clear bearish bias within a descending channel. RSI is at 47, so we're not overbought or oversold yet but leaning slightly bearish. The 50-day EMA at 90.48 is the immediate support to watch – if we break below that, we could see 89.70 next. Upside resistance is at 90.86 (9-day EMA) and then the upper channel around 91.80.

Foreign inflows are also picking up – nearly $900 million came into Indian equities in early February, a sharp turnaround from the $4 billion outflow the month before. That's another positive signal for the rupee. The USD/INR news is definitely worth monitoring right now with all these moving pieces.