The Indian Rupee weakens in Thursday’s Asian session.
Higher crude oil prices weigh on the INR; rising US rate cut bets and Fed’s dovish view might cap the downside.
Investors await the US weekly Initial Jobless Claims and Philly Fed Manufacturing Index, which are due on Thursday.
The Indian Rupee (INR) attracts some sellers on Thursday despite the weaker US Dollar (USD). The extended recovery in crude oil prices exerts some pressure on the INR as India is the world’s third-largest oil consumer. However, the downside for the local currency might be limited as rising odds of a September rate cut by the US Federal Reserve (Fed) could weigh on the Greenback and pressure US bond yields to come down.
Later on Thursday, investors will monitor the weekly Initial Jobless Claims and the Philly Fed Manufacturing Index. Also, the Fed’s Lorie Logan is scheduled to speak. The dovish comments from the Fed officials might continue to undermine the USD in the near term.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.