USD/INR Price News: Indian rupee treads water around 79.60 with eyes on US/India inflation – by anilpanchal7 USDINR RiskAppetite CentralBanks Inflation Currencies
It should be noted that a pullback in the oil prices seems to jostle with the market’s mixed sentiment to also challenge the USD/INR traders. That said, WTIsnapped a two-day uptrend by retreating to $85.10 at the latest. Considering India’s heavy reliance on energy imports and higher budget deficit, the INR is prone to moves in oil prices.
A fall in the RBI’s headlines foreign exchange reserve to the lowest levels since October 2020, largely driven by the decline in the foreign currency assets, signaled that the Indian central bank is actively in play to defend the domestic currency versus the US dollar. However, the USD/INR remains more or less around 80.00, which in turn hints at the RBI’s inability to defend the domestic currency.
Elsewhere, fears of fresh troubles for Chinese chipmakers and headlines suggesting covid woes in the dragon nation join Russia’s retreat in some of the Ukrainian areas to weigh on theEven so, the US Dollar Index remains pressured around 108.80, down 0.20% intraday by the press time. In doing so, the greenback’s gauge versus the six major currencies also ignores downbeat comments from US Treasury Secretary Janet Yellen and some of the key Fed policymakers.
“Fed is going to need skill and luck to bring inflation down while maintaining labor market strength,” said US Treasury Secretary Yellen during the CNN interview. On the other hand, Federal Reserve Governor Christopher Waller was the prominent one as he said on Friday that he supports another significant hike in two weeks. On the same line was Kansas City Fed President Esther George who said, as reported by Reuters, “Case for continuing to remove policy accommodation is clear cut.
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