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Indian rupee edges up as traders trim Fed rate odds
CME FedWatch showed odds of the Fed holding rates at the October meeting rising to 82.3% from 35.8% last week.
The Indian rupee edged higher against the US dollar following an extended weekend, after Indian markets were closed for Mahatma Gandhi Jayanti, FXStreet reports.
In early trade, USD/INR slipped to around 96.29, near a more than two-month high of 96.32 set last week, as traders scaled back Federal Reserve rate expectations for this month’s policy meeting.
That shift came after US Nonfarm Payrolls data for September, which showed job growth moderated to 29K, below the 90K estimate, with the unemployment rate rising to 4.2% from an expected 4.1%.
FXStreet also cited CME FedWatch, which indicated the probability of the Fed leaving interest rates unchanged in the October meeting increased to 82.3% from 35.8% a week earlier.