USD/INR Price News: Indian Rupee drops below 83.00 amid mixed sentiment, US Dollar pullback – by anilpanchal7 USDINR RiskAppetite Oil Coronavirus Macroeconomics
China Covid concerns weigh on risk profile in Asia but softer US Treasury yields probe Indian Rupee bears.USD/INR holds lower ground near 82.75 as bulls and bears jostle during Thursday’s Asian session.
The Indian Rupee pair welcomed bears the previous day but the broadly firmer US Dollar challenges the downside moves before the latest weakness, mainly due to the downbeat US Treasury yields. In doing so, the quote cheers softerThat said, the US 10-year Treasury yields drop 2.8 basis points to 3.858% by the press time, after rising the most since October 19 the previous day.
Multiple countries, including India, announced requirements of Covid tests for Chinese travelers as doubts over Beijing’s reporting of data and a hidden jump in the virus numbers weigh on sentiment. On the same line could be Russia’s rejection of peace with Ukraine unless it accepts the treaty allowing additional territories, as well as an escalated war in the city of Kherson.
Against this backdrop, MSCI’s Index of Asia-Pacific outside Japan extend the previous day’s losses while India’s BSE Sensex drops half a percent at the latest. Moving on, the India Trade Deficit for the third quarter will precede Infrastructure Output for November to direct short-term USD/INR moves. On the other hand, weekly prints of the US Initial Jobless Claims and Chicago PMI for December will be eyed for short-term directions. Overall, the year-end inaction could allow the pair to consolidate the monthly gains.Although multiple failures to cross the 83.
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