INR 83.51+0.06
EUR 1.0611
POUND 1.2427
JPY 154.34
CHF 0.9132
AUD 0.6413
CNY 7.2323
Gold 2388.59
Silver 28.872
BRENT CRUDE 90.77
DOLLEX 106.3338
3M USD SOFR 5.31707
6M USD SOFR 5.28184
1Y USD SOFR 5.17201
Range for the day: 83.30 – 83.70
Rupee open around a new record level of 83.51 and shall trade with a depreciative bias owing to robust dollar on the back of resilient US economic data. The dollar stands strong on the back resilient US Retail Sales monthly figures which surpassed expectations of 0.4% and resulted at 0.7%. This has brought the probabilities of a June rate cut down to 20.7% in comparison to 55.2% a month ago, according to the CME Fedwatch tool thereby bolstering the dollar index above 106 levels comfortably. Furthermore, rising oil prices mounts pressure on the unit. However, Indian trade Deficit narrowing down from $18.7 bln to $15.6 bln released yesterday, and Chinese GDP exceeding projection shall keep the rupee and Yuan supportive. Moreover, RBI closely watches the forex movement and shall intervene at times of sharp depreciation.