USD/INR EDGES LOWER AHEAD OF FED CHAIR POWELL’S SPEECH
- The Indian Rupee strengthens in Friday’s Asian session.
- Fed's dovish remarks, decline of crude oil prices and RBI intervention continue to underpin the INR.
- Investors will closely monitor Fed Chair Jerome Powell’s speech on Friday.
The Indian Rupee (INR) trades with mild gains on Friday as the dovish US Federal Reserve (Fed) minutes and lower crude oil prices support the local currency. Traders also expect the INR’s downside might be limited as the Reserve Bank of India (RBI) might step in to sell the USD and prevent the INR from breaching the key 84.00 level.
Nonetheless, the relentless Greenback demand from importers and ongoing foreign fund outflows might dampen investor sentiments and drag the Indian Rupee lower. The Fed Chair Jerome Powell's speech at the Jackson Hole Symposium will take center stage on Friday, which could offer some insight into the future US interest rate path.
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
Hot
No comment on record. Start new comment.