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The Indian Rupee softens in Thursday’s Asian trading hours.  Persistent outflows from foreign investors, renewed USD demand and uncertainties weigh on the INR.  The US weekly initial Jobless Claims data is due later on Thursday. The Indian Rupee (INR) edges lower on Thursday. The continued selling by Foreign Institutional Investors (FIIs), US Dollar (USD) demand from importers and global uncertainties continue to undermine the local currency.  Nonetheless, lower crude oil prices might help limit the INR’s losses as India is the world’s third-largest oil consumer. The Reserve Bank of India (RBI) likely played a key role by conducting dollar-rupee swaps to manage liquidity and support the Indian Rupee.  Investors brace for the US weekly initial Jobless Claims data, which is due later on Thursday. On Friday, the preliminary reading of HSBC India’s Purchasing Managers Index (PMI) and US S&P PMI data for January will be in the spotlight.  Indian Rupee remains weak amidst persistent global uncertainties The Securities and Exchange Board of India (SEBI) has proposed that fund houses launch sachet-sized investment plans. The objective is to “promote financial inclusion, inculcate the habit of systematic saving, and facilitate investment of small savings by investors new to the Mutual Fund space,” noted SEBI. India is likely to raise major subsidies by 8% year-on-year to 4.1 trillion rupees ($47.41 billion) in the next fiscal year, government sources said.  Indian Finance Minister Nirmala Sitharaman will present the national budget on February 1, amid slowing growth in Asia’s third-largest economy and rising global uncertainties. Foreign investors have sold a net total of about $6.5 billion worth of local equities and bonds in January, the largest monthly outflow since October 2023. USD/INR keeps the bullish vibe in the longer term The Indian Rupee trades in negative territory on the day. The constructive outlook of the…

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Filed under: News - @ January 23, 2025 3:13 am