Rupee to receive boost from yuan rally, growth data
The Indian rupee is expected to rise against the US dollar at open on Friday due to a rally in the Chinese yuan and strong domestic growth in India.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/WAAW5TV62RLNHNIKJLQPCTMEYU.jpg)
Topics
Posted 9/1/2023, 3:09:04 AM
reuters.com
Relevant topic timeline:
The Pakistani rupee has hit a historic low against the US dollar due to increased demand for the dollar following eased import restrictions and political uncertainty ahead of the general elections.
The Indian rupee remains steady against the US dollar due to corporate dollar demand and importers' activities.
Asia-Pacific markets set to rise following tech rally on Wall Street, Australian inflation numbers anticipated, and the U.S. dollar reaches its highest level against the yen in 2023.
The Indian rupee weakened against the U.S. dollar due to demand from state-run banks and the potential impact of U.S. GDP data.
The Indian rupee is expected to strengthen against the US dollar due to weaker-than-expected US job openings, causing a decline in the dollar index and Treasury yields.
The Indian rupee hits a 10-month low against the US dollar due to concerns over rising oil prices and a decline in Asian currencies.
The Indian rupee could reach record lows against the U.S. dollar if oil prices continue to rise, according to the head of global foreign exchange at Jefferies, Brad Bechtel, although he believes the rupee will be one of the more stable currencies in emerging markets. The rupee is currently moving between 83 and 85 against the U.S. dollar, and if oil prices were to fall, it could fall close to the 82 levels.
The Indian Rupee is weakening against the US dollar, causing concern for Indian authorities who fear that it could impact the country's import and export sectors, with suspicions that India may be taking measures to limit the dollar's growth; similarly, other BRICS member countries like China and Japan are also trying to curb the US dollar's growth.
The Indian rupee is expected to open slightly higher against the US dollar, but higher crude oil prices and support on USD/INR are likely to limit its gains.