The post USD/INR loses traction as traders await more cues about Fed rate cuts appeared on BitcoinEthereumNews.com.

The Indian Rupee edges higher in Friday’s Asian session.  Substantial equity outflows, higher crude oil prices might drag the INR down, but possible RBI intervention might cap its downside.  Investors await the US housing data and FedSpeaks later on Friday.  The Indian Rupee (INR) recovers on Friday on the modest decline of the US Dollar (USD). The upside of the local currency might be limited amid foreign fund outflows, a negative trend in domestic equities and the recent spike in crude oil prices. Additionally, the rising expectations the Federal Reserve (Fed) would cut rates less aggressively might strengthen the Greenback and weigh on the INR.   Nonetheless, the routine foreign exchange interventions by the Reserve Bank of India (RBI) through USD sales could help limit the INR’s losses. Looking ahead, the US Building Permits and Housing Starts are due later on Friday. The Fed’s Raphael Bostic, Neel Kashkari and Christopher Waller are scheduled to speak on the same day. Daily Digest Market Movers: Indian Rupee rebounds, the potential upside seems limited The BSE Sensex dropped 494.75 points, or 0.61%, to end at 81,006.61, while the broader NSE Nifty index closed at 24,749.85, down 221.45 points, or 0.89% from its previous close.  Foreign investors have sold $8 billion worth of domestic stocks over October so far, the highest monthly outflow in over four years. The US Retail Sales climbed by 0.4% MoM in September from a 0.1% rise in August, beating the estimations of 0.3%, the US Census Bureau showed Thursday. Retail sales excluding autos arrived at 0.5% MoM in September versus 0.2% prior (revised from 0.1%), stronger than the 0.1% expected. The US Initial Jobless Claims for the week ending October 11 rose to 241K. The figure came in below the market consensus and the previous week’s of 260K (revised…

---

Filed under: News - @ October 18, 2024 2:26 am