INR 83.42-0.01
EUR 1.08417
POUND 1.26509
JPY 151.696
CHF 0.90334
AUD 0.65795
CNY 7.2330
Gold 2299.46
Silver 27.111
BRENT CRUDE 89.7
DOLLEX 104.2065
3M USD SOFR 5.30633
6M USD SOFR 5.24462
1Y USD SOFR 5.06794
Range for the day: 83.30 – 83.60
The Indian Rupee is expected to trade volatile as softer dollar’s impact is offset by a rise in crude oil prices. Moreover, unwinding in currency futures market ahead of RBI’s deadline to produce underlying will boost the volatility in the market. RBI’s resolve to keep rupee stable shall be tested. Though yesterday’s US ADP Employment data surpassed expectations of 148K and resulted at 184K, the ISM Services PMI witnessed a drop from 52.6 to 51.4 which has underpinned the dollar. Moreover, Fed Chairman Powell affirmed the likelihood of rate cuts this year, following a data driven approach. This shall bolster the Asian equities, thereby extending support to the Indian markets. However, the rise in oil prices amidst an unchanged output policy decision by the OPEC will constrain rupee’s upside potential.