The Indian Rupee softens in Thursday’s Asian session.
The continued selling of domestic equities by foreign portfolio investors weighs on the INR.
The US September Retail Sales will be the highlight on Thursday.
The Indian Rupee (INR) trades with mild losses on the stronger US Dollar (USD) on Thursday. The significant outflows from Indian equities and USD demand from foreign banks and importers exert some selling pressure on the local currency.
However, the decline in crude oil prices amid easing fears over supply disruption in the Middle East might support the INR as India is the world's third-largest oil consumer. Additionally, the routine foreign exchange interventions by the Reserve Bank of India (RBI) could cap the downside for the Indian Rupee.
Traders will keep an eye on the US Retail Sales data for September, which is due later on Thursday. Also, the US weekly Initial Jobless Claims, Industrial Production and Philadelphia Fed Manufacturing Survey will be released.
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.