USD/INR Extends Losses Ahead Of Indian PMI Data

The Indian rupee (INR) strengthened on Monday as the US dollar weakened. The inclusion of Indian bonds in the JPMorgan Emerging Markets Debt Index is expected to boost the INR with billions of dollars of foreign capital inflows into the world’s fifth-largest economy. In addition, the annual rate of the US PCE price index hit its lowest level in more than three years in May, which also put pressure on the US dollar and is bearish for the INR.

Meanwhile, further gains in crude oil prices may put some selling pressure on the currency pair USD/INR as India is the world’s third-largest oil consumer after the United States and China. On Monday, investors will focus on the HSBC Manufacturing Purchasing Managers’ Index in India, which is expected to rise to 58.5 from 57.5. Any weakness in the indicator may put some selling pressure on the INR. In the United States, the ISM manufacturing index for June will be released.

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