October 21, 2024
New Delhi, India
USDINR
The Indian Rupee (INR) strengthened on Monday, supported by a decline in crude oil prices and a softer US Dollar (USD). However, persistent equity outflows could pose selling pressure on the currency. So far in October, foreign portfolio investors have sold a net amount of $8.4 billion, surpassing the previous record from March 2020.
RBI interventions via USD sales are expected to cap further losses. Investors are watching speeches from Federal Reserve (Fed) officials Neel Kashkari and Jeffrey Schmid for potential market direction.
Key Data:
- US Building Permits fell 2.9% in September, while Housing Starts declined 0.5%.
- Fed rate cuts: Traders estimate a 92.6% chance of a 25 bps rate cut in November, according to the CME FedWatch tool.
Looking ahead: Investors await Fedspeak for fresh impetus on the INR’s trajectory.
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