The post USD/INR gathers strength despite softer US Dollar appeared on BitcoinEthereumNews.com.

The Indian Rupee loses momentum on Thursday despite the softer US Dollar.  The renewed USD demand and higher US bond yields might lift the pair, while weaker US data weigh on the pair.  US markets are closed for Independence Day; the attention will shift to the US June employment data on Friday. The Indian Rupee (INR) loses ground on Thursday despite the heavy bearish pressure of the US Dollar (USD). The renewed USD demand from local corporations and state-run banks, along with higher US Treasury bond yields, might help limit the pair’s downside. Nonetheless, the disappointing US ISM Services Purchasing Managers Index (PMI) report for June might weigh on the Greenback and act as a headwind for the pair. Additionally,  the optimism in India’s economic outlook and the continued bull run in Indian equity markets continue to underpin the INR. The US markets will be closed on Thursday due to Independence Day. Investors will shift their attention to the US June employment data on Friday, including Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings.   Daily Digest Market Movers: Indian Rupee remains weak amid global factors The final reading of India’s HSBC Services PMI climbed to 60.5 in June from the previous reading of 60.2. This figure came in above the market consensus of 60.4.  The US ISM Services PMI dropped to 48.8 in June from 53.8 in May, missing the market expectation of 52.5 by a wide margin.   The US weekly Initial Jobless Claims rose by 238K in the week ending June 29, according to the US Department of Labour (DoL) on Thursday. This figure came in above the estimate of 235K and higher than the previous weekly gain of 233K. The Minutes of the FOMC monetary policy meeting on June 11-12 released on Wednesday, indicated that the Fed officials emphasized…

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Filed under: News - @ July 4, 2024 5:10 am