INR 83.37-0.03
EUR 1.07314
POUND 1.2542
JPY 151.741
CHF 0.90599
AUD 0.64929
CNY 7.2339
Gold 2252.82
Silver 25.281
BRENT CRUDE 87.83
DOLLEX 105.0538
3M USD SOFR 5.30211
6M USD SOFR 5.23164
1Y USD SOFR 5.02696
Range for the day: 83.25 – 83.50
The rupee is expected to trade under pressure as dollar rallies on robust US economic data. The US ISM Manufacturing PMI exceeded expectations of 48.5 and came in at 50.3 yesterday, citing strong signs of resiliency in the economy. Moreover, the weakness in major crosses and Asian peers adds pressure on the rupee. Though US Treasury bounced back after the release of buoyant US dataset, Asian markets continue to witness gains as investors withstand risk tolerant attitude. The upbeat data from US and China sparks bullish demand for oil, rising it’s prices to new highs. While the fear of USDINR breaching 83.50 still persists, RBI will closely monitor and cap any sharp uptick in the pair. Moreover, markets eye the release of US labor market data to affirm June rate cut probabilities.