Forex
Home›Forex›Major Pairs›Rupee holds steady near 95.27 as US jobs data looms
Rupee holds steady near 95.27 as US jobs data looms
USD/INR was seen wobbling around 95.27, with the next dollar move expected to hinge on NFP wage growth and Fed rate expectations for September.
The Indian rupee traded flat against the US dollar on Friday, with USD/INR hovering near Thursday’s high around 95.27 ahead of the US nonfarm payrolls (NFP) release for July. FXStreet noted that a softer July ADP Employment Change report had set a cautious tone for the official jobs data. Market expectations call for the US economy to have added 80K jobs, up from 57K in June, with the unemployment rate steady at 4.2% and average hourly earnings rising 0.3% monthly and 3.5% annually.
The article said wage growth could be a key driver for the dollar, given policymakers’ focus on inflation staying above the 2% target. It also cited a July Fed stance that included a willingness to act to contain elevated price pressures, while CME FedWatch showed a 54.5% chance of a September rate hike.
FXStreet added that oil prices had regained ground after a drop earlier in the month, with rising Middle East tensions increasing supply disruption concerns. With India reliant on imported oil, that backdrop was described as a headwind for the rupee, while USD/INR remained mildly bearish near term and still below the 20-day EMA at 95.57.