Daily Digest Market Movers: Indian Rupee remains vulnerable amid multiple challenges
- The Indian Rupee is down 0.2% against the US Dollar in August, making it the worst-performing Asian currency.
- The INR “faces persistent challenges — a widening trade deficit, ongoing foreign outflows, and relentless demand for USD from importers,” said Amit Pabari, managing director at FX advisory firm CR Forex in Mumbai.
- According to the minutes of the Federal Reserve’s (Fed) July meeting released Wednesday, “the vast majority” of participants observed that it would likely be appropriate to cut the interest rate in the September meeting if the data continued to come in about as expected.
- Markets are fully pricing in a September cut, with a full percentage point worth of rate cuts anticipated by the end of this year.
- The preliminary estimate of the benchmark revision indicated an adjustment to March 2024 total Nonfarm employment of -818,000 (-0.5%), the US Bureau of Labor Statistics showed on Wednesday.
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.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.