Home›Forex›EM Currencies›Rupee slips near 95.44 as oil and the dollar soften

Rupee slips near 95.44 as oil and the dollar soften

USD/INR is edging up toward 95.44 even as the DXY and crude prices are lower, with India also reporting July retail CPI acceleration to 4.45% YoY.

Reported · Written up by our desk · EM Currencies

The Indian rupee (INR) is trading under pressure versus the US dollar, with the USD/INR pair rising to around 95.44 despite a weaker tone in both the US dollar and oil prices on Thursday, FXStreet reported.

FXStreet said the US Dollar Index was about 0.1% lower near 99.89, as market pricing shifted modestly toward fewer near term Fed hikes after July US CPI data suggested inflation is cooling. It cited Brown Brothers Harriman, noting that Fed funds futures trimmed bets of a September rate hike to 35% from roughly 50% following the CPI release.

Oil also fell after OPEC revised down its global demand growth forecast for the year to 580,000 barrels per day from 780,000 bpd. FXStreet added that India’s retail inflation accelerated to 4.45% YoY in July from 4.38% in June, staying within the Reserve Bank of India’s 2% to 6% tolerance band, while USD/INR remains mildly bearish near term as it trades below the 20-period exponential moving average near 95.50.

Latest closeDollar index 99.99 ▲0.2%

More like this

Sources