The Indian Rupee loses ground in Wednesday’s early Asian session.
Higher crude oil prices and risk aversion dent sentiment and weigh on the INR.
The Indian WPI inflation and US CPI will be closely watched on Wednesday.
The Indian Rupee (INR) edges lower on Wednesday despite the decline of the US Dollar (USD). The weak domestic markets and the rise of crude oil prices weighed on investor sentiments and dragged the INR lower. Furthermore, risk aversion in the markets amid escalating geopolitical tension in the Middle East limits the local currency’s upside.
On the other hand, the Reserve Bank of India (RBI) is likely to sell USD to stabilize and prevent the INR from a more significant depreciation. Investors will keep an eye on India’s Wholesale Price Index (WPI) inflation, Fuel and Food reports for July. On the US front, the Consumer Price Index (CPI) could offer some hints about the interest rate outlook.
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.