Fx News

USD/INR Price News: Indian Rupee stays depressed near 82.80 during five week losing streak

USD/INR picks up bids to pare the biggest daily loss in a month.
Firmer Oil price, hawkish Fed bets weigh on Indian Rupee.
US Core PCE Price Index eyed for clear directions on US inflation conditions and Fed’s next move.
USD/INR prints mild gains around 82.70 as it consolidates the biggest daily loss in a month during early Friday. In doing so, the Indian Rupee (INR) pair struggles to cheer cautious optimism in the Asia-Pacific region as Oil price extends the previous day’s rebound from the monthly low.

Markets in the Asia-Pacific region appear slightly positive, ex-China, as government nominees for the Bank of Japan (BoJ) board appear in no mood to challenge the easy money policies.

Alternatively, mixed headlines surrounding China, due to its peace plan for Ukraine and ties with Russia, join the US-China readiness for trade talks despite not sharing the details and criticizing each other on various issues to challenge the market sentiment.

Elsewhere, India is yet to recover from the Adani-led equity fiasco and the government’s push for cutting the budget deficit, which in turn raises doubts about one of the top Asian economies’ growth prospects. It’s worth noting that strong Oil prices recently weighed on the INR due to India’s reliance on energy imports.

While portraying the mood, Wall Street closed on the positive side but the S&P 500 Futures recently failed to extend the recovery moves from the monthly low by retreating to 4,015, down 0.10% intraday at the latest. Further, the US 10-year Treasury bond yields seesaw around 3.87%, making it less active on the day, whereas the US two-year bond coupons stay inactive near 4.69% by the press time.

Moving on, USD/INR traders should pay attention to the risk catalysts for clear directions ahead of the Federal Reserve’s (Fed) favorite inflation gauge, namely the Core Personal Consumption Expenditures (PCE) Price Index. That said, the latest slew of positive US data keeps buyers hopeful.

Related posts
Fx News

USD/CAD Price Analysis: Sellers attack 1.3660 support confluence to open 100-pip fall

USD/CAD holds decrease floor close to intraday backside at some point of the first loss-making day…
Read more
Fx News

GameStop’s premarket surge has investors wondering if squeeze is back on

GME inventory is up on Wednesday after the gaming retailer swung to its first underlying internet…
Read more
Fx News

US Dollar Index Price Analysis: DXY bears appear well-set to visit 102.65-55 zone despite pre-Fed inaction

US Dollar Index grinds close to five-week low, probes bears after four-day downtrend. Bearish MACD…
Read more
Newsletter
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *