USD/INR strengthens ahead of Fed Chair Powell’s second testimony

The Indian rupee (INR) weakened on Wednesday amid a modest rebound in the US dollar. Sustained demand for US dollars from local importers is likely to continue to limit gains in the INR. However, sustained foreign capital inflows, a positive economic outlook and the fastest macroeconomic growth among large economies in India are likely to help the INR’s upside.

Traders will be watching for the second semi-annual testimony of Federal Reserve (Fed) Chairman Jerome Powell on Wednesday. Attention will shift to US Consumer Price Index (CPI) inflation data on Thursday. The US CPI is expected to rise 3.1% year-on-year in June, with core inflation remaining stable at 3.4%. Any dovish comments from Fed’s Powell or signs of softening US inflation are likely to put some selling pressure on the dollar.

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