October 10, 2024
New Delhi, India
USDINR Today
Pressure from a Strong USD and Domestic Sentiment
On Thursday, the Indian Rupee (INR) traded weaker due to a firmer US Dollar (USD) and subdued domestic market conditions. Despite India’s strong macroeconomic fundamentals, the currency struggled, weighed down by the muted sentiment.
Focus on US CPI Data and Fed Announcements
All eyes are on the US Consumer Price Index (CPI) inflation data, expected later in the day, which could have a significant impact on currency movements. US Initial Jobless Claims data and speeches by Federal Reserve members Lisa Cook and John Williams are also anticipated.
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Indian Macroeconomic Outlook Remains Strong
India’s inclusion of government bonds in global indices is expected to attract foreign investors, providing potential support to the INR. The Reserve Bank of India (RBI) has kept its CPI inflation forecast for FY25 steady at 4.5%, while maintaining GDP growth estimates at 7.2%.
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RBI Keeps Repo Rate Unchanged
The RBI’s Monetary Policy Committee (MPC) recently kept the repo rate unchanged at 6.5% for the tenth consecutive meeting, shifting its policy stance to neutral from a withdrawal of accommodation, signaling a balanced approach to inflation and growth.
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