USD/INR Price News: Indian rupee bulls barely cheer USD pullback, softer oil around 78.00 By anilpanchal7 USDINR RiskAppetite Inflation Fed CentralBanks
and hopes of the RBI’s rate hike.
US Dollar Index fades Friday’s recovery moves, down 0.23% intraday around 104.40, as the greenback bulls await fresh clues from the Fed policymakers. In doing so, the US dollar gauge consolidates the previous three-week uptrend amid a quiet session during the Juneteenth holiday. On the other hand, WTI crude oil prices stay depressed at the monthly low flashed on Friday, down 0.90% intraday around $107.50 by the press time. The black gold dropped the most since early May on the previous day as markets feared recession and rushed to theAt home, India’s retail inflation eased from an eight-year high to 7.04% in May. However, the bullish bets over the Reserve Bank of India’s hawkish move remain intact.
“June inflation is still tracking at about 7%, much above RBI’s upper tolerance band of 6% inflation. Our baseline expectation remains of a 25 bps hike in August with risk skewed toward a larger hike,” said JP Morgan analysts in a note per Reuters. “Much would depend on how external inflationary impulses evolve and whether second-round effects are getting entrenched.”
Despite the latest weakness, the USD/INR bulls stay hopeful as the key US policymakers keep suggesting higher inflation and raise fears of economic slowdown, which in turn should underpin the US dollar’s safe-haven demand.
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