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The Indian Rupee trades on a flat note in Thursday’s Asian session.  Rising US Dollar demand and continued capital outflows undermine the INR, but RBI intervention might cap its downside.  The estimate of the US Q4 GDP report will take center stage later on Thursday. The Indian Rupee (INR) holds steady on Thursday. The local currency remains on the defensive due to month-end US Dollar (USD) demand by importers. Additionally, capital outflows amid uncertainty over US trade tariffs contribute to the INR’s downside. Nonetheless, a likely foreign exchange intervention by the Reserve Bank of India (RBI) might help limit the Indian Rupee’s depreciation.  Looking ahead, traders will keep an eye on the estimate of US Gross Domestic Product (GDP) for the fourth quarter (Q4), along with the weekly Initial Jobless Claims, which are due later on Thursday. Fedspeak will be in focus as it might offer some hints about the interest rate path in the United States. The Federal Reserve’s (Fed) Michelle Bowman, Beth Hammack and Patrick Harker are scheduled to speak.  Indian Rupee steadies amid USD demand and foreign outflows “Rupee traded very weak as FII sell-off continued and crude oil prices remained elevated amid US tariffs on Iran, which pushed oil demand higher. The dollar index at 106.65 also added to the pressure on the rupee,” said Jateen Trivedi, Research Analyst at LKP Securities.  Late Wednesday, US President Donald Trump reiterated his insistence on 25% tariffs on Canada and Mexico, as well as adding the European Union (EU) to the list of countries from which he will penalize US consumers for importing.  New Home Sales in the US fell by 10.5% MoM to 657,000 units in January from 734,000 units (revised from 698,000) in the previous reading, according to the Commerce Department’s Census Bureau on Wednesday. This figure…

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Filed under: News - @ February 27, 2025 3:23 am