USD/INR holds firm as Trump tariff threats boost the US Dollar
The Indian Rupee extends its downside in Tuesday's Asian session.
Trump's tariff threat, foreign fund outflows, and a stronger USD weigh on the INR.
The US October JOLTs Job Openings will be released on Tuesday.
The Indian Rupee (INR) remains under pressure on Tuesday after depreciating to a fresh all-time low in the previous session. The disappointing Indian macroeconomic data, persistent foreign fund outflows and the renewed Greenback demand continue to undermine the local currency. The US President-elect Donald Trump on Saturday threatened a 100% tariff on the BRICS nations if they act to undermine the US Dollar (USD). This, in turn, could weigh on the INR against the Greenback.
However, the downside for the INR might be capped amid the routine intervention from the Reserve Bank of India (RBI). Traders will keep an eye on the US JOLTs Job Openings for October, which is due later on Tuesday. The Federal Reserve’s (Fed) Adriana Kugler and Austan Goolsbee are also set to speak. On Friday, the Reserve Bank of India (RBI) interest rate decision and the US Nonfarm Payrolls for November will be the highlights.
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