Daily Digest Market Movers: Indian Rupee trades firmer amid favorable economic factors
- According to the Reserve Bank of India (RBI), the foreign exchange reserves have grown by USD 66 billion in 2024, reaching a total of USD 689.235 billion.
- “The rupee’s recent rally reflects favorable domestic conditions and the impact of global monetary policy shifts. As the Fed's decisions continue to sway markets, all eyes will be on the Reserve Bank of India’s response and whether the rupee can maintain its upward trajectory. For now, 84 will serve as a strong resistance level, while 83.50 will act as robust support,” said Amit Pabari, managing director at CR Forex.
- The US weekly Initial Jobless Claims came in at 219K for the week ending September 14, the US Department of Labor (DoL) showed Thursday. This figure was below the market consensus of 230K and lower than the previous week of 231K (revised from 230K).
- US Existing Home Sales dropped 2.5% MoM in August to 3.86 million from 3.96 million in July.
- The Philadelphia Fed Manufacturing index unexpectedly rose to 1.7 in September, compared to a fall of 7 in the previous reading, better than the estimation of -1.
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