USD/INR Price News: Rupee retreats from 82.50 as India/US inflation, Fed decision loom – by anilpanchal7 USDINR CentralBanks Fed Inflation RiskAversion
RBI status quo, hawkish signal fail to impress Indian Rupee buyers much.
Expectations of no rate hike from Fed in June weigh on prices but US inflation data appears crucial for clear directions.remains depressed while paring the losses marked in the last two consecutive days, mildly bid near 82.45 amid early Monday. In doing so, the Indian Rupee pair portrays the market’s positioning for the key data from India and the US, as well as the key Federal Reserve monetary policy meeting announcements, amid a sluggish start of the crucial week.
That said, downbeat prices of Oil and hawkish comments from the Reserve Bank of India joined the broad US Dollar weakness to please the USD/INR bears in the last two days. Also exerting downside pressure on the quote could be the cautious optimism in the Asia-Pacific zone.unchanged, as expected, but showed readiness to further tighten the monetary policy by citing inflation fears.
Elsewhere, WTI crude oil drops 1.45% to $69.30 as it bears the burden of likely more supplies and easing energy demand, due to updates from the Middle East and recession woes respectively. It should be observed that India’s heavy reliance on imported, markets remain dicey as traders await the top-tier data/events amid mixed feelings. That said, hopes of easy economic recovery in China join expectations of the policy pivot at major central banks keep the USD/INR bears hopeful.
Above all, Tuesday’s US Core Consumer Price Index for May becomes crucial as it will help determine the Fed’s next moves even if markets do expect no rate hike in this week’s Federal Open Market Committee monetary policy decision.Bearish MACD signals and steady RSI line suggests further downside of the USD/INR pair towards the 50-day Exponential Moving Average support of around 82.33.
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