Indian Rupee Softens Amid Renewed US Dollar Demand

On Friday, the Indian Rupee (INR) traded on a softer note as the US Dollar (USD) witnessed renewed demand. The increase in oil prices and higher yields on US Treasury bonds may exert downward pressure on the INR, while simultaneously capping the downside of the USD/INR pair. However, the robust performance of the Indian economy and its positive longer-term outlook could potentially lift the INR.

Market participants will closely monitor the release of the Indian Consumer Price Index (CPI) inflation report for March and Industrial Production data for February, scheduled for Friday. A higher-than-expected inflation reading in India could provide further support to the INR.

Additionally, on the US economic calendar, the preliminary US Michigan Consumer Sentiment Index for April will be released, alongside speeches from Federal Reserve officials Bostic and Daly.

INR latest articles

Popular exchange rates

foreign exchange

fxcurrencyconverter is a forex portal. The main columns are exchange rate, knowledge, news, currency and so on.

© 2023 Copyright