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The Indian Rupee remains steady in Wednesday’s Asian session.  Rising US Treasury yields and significant foreign outflows could weigh on the INR; RBI’s intervention might cap its downside.  Investors await the advanced US Q3 GDP data for fresh impetus.  The Indian Rupee (INR) trades flat on Wednesday amid the consolidation of the US Dollar (USD). Rising US Treasury bond yields and sustained foreign outflows from domestic stocks might exert some selling pressure on the INR. Nonetheless, a further decline in crude oil prices might support the Indian Rupee as India is the world’s third-largest oil consumer. Additionally, the downside for the INR might be limited as the RBI has been intervening regularly to prevent the local currency from depreciating.  Looking ahead, traders will keep an eye on the US October ADP Employment Change, the advanced US Q3 Gross Domestic Product (GDP), and September Pending Home Sales, which are due later on Wednesday. The Indian market will be closed on Friday for the occasion of Diwali.  Daily Digest Market Movers: Indian Rupee flat lines ahead of the key US economic data Foreign investors have withdrawn $10 billion from India’s equity and debt markets in October, the heaviest month of selling this year. The RBI has projected the Indian economy to grow at 7.2% in FY25, with Q2 at 7.0%, Q3 at 7.4%, and Q4 at 7.4%. Nomura noted that the Indian economy has entered a phase of “cyclical growth slowdown” and the RBI’s estimate of 7.2% GDP expansion is “overly optimistic.”  Job openings arrived at 7.44 million, compared to the 7.86 million (revised from 8.4 million) seen in August, according to the US Bureau of Labor Statistics (BLS) in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. This figure came in below the market expectation of 7.99 million.  The…

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Filed under: News - @ October 30, 2024 4:14 am