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The Indian Rupee strengthens in Tuesday’s early European session.  The Fed’s dovish stance and lower crude oil prices support the INR, but renewed US Dollar demand might cap its upside.  India’s Manufacturing PMI rose to a 14-month high in June. Investors brace for Fed’s Powell speech and ISM US PMI data later on Tuesday. The Indian Rupee (INR) gains traction on Monday as the dovish remarks from the US Federal Reserve (Fed) and rising fiscal worries undermine the Greenback. Additionally, a decline in Crude oil prices provides some support to the INR. It’s worth noting that India is the world’s third-largest oil consumer, and lower crude oil prices tend to have a positive impact on the INR value. The latest data released on Tuesday showed that the HSBC India Manufacturing Purchasing Managers Index (PMI) arrived at 58.4 in June versus 58.4 in May. This figure came in line with the market consensus. The local currency remains firm after the Indian PMI data. Nonetheless, renewed strong US Dollar (USD) demand by both foreign and domestic banks might cap the upside for the Indian currency. Muted domestic portfolio inflows might weigh on the local currency’s downside. Foreign investors net pulled about $0.5 billion from local stocks and bonds over the April-June quarter. Looking ahead, investors will keep an eye on India’s HSBC Manufacturing Purchasing Managers Index (PMI) report for June, which is due later on Tuesday. On the US docket, Fed Chair Jerome Powell’s speech will be in the spotlight. Also, the ISM Manufacturing PMI and JOLTS Job Openings will be released later on the same day.  Daily digest market movers: Indian Rupee climbs as US Dollar stays tepid The HSBC survey showed “Companies also welcomed one of the fastest increases in external orders in over 20 years of survey history. Goods producers…

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Filed under: News - @ July 1, 2025 7:29 am