Market news
27.10.2022, 04:36

USD/INR Price News: Indian rupee bulls retreat from 82.00 as oil soars, DXY consolidates

  • USD/INR has displayed a vertical rebound from around 82.00 as oil prices soar.
  • Market mood has turned extremely quiet ahead of US economic data.
  • Fed’s preferred inflation tool, US core PCE could drop to 4.5%.

The USD/INR pair has resurfaced firmly from the round-level support of 82.00 in the Asian session. An inventory adjustment phase displayed on Wednesday has resulted in a north-side break amid a steep rise in oil prices.

The US dollar index (DXY) is displaying topsy-turvy moves in a 109.55-109.76 range ahead of US Gross Domestic Product (GDP) data. Pre-event consolidation is buzzing in the market, therefore, the market mood is extremely quiet. Returns from the 10-year US government bonds have bounced back after dropping below the crucial support of 4%.

Indian markets are operating in a holiday-truncated week, therefore, the asset is more reliant on events belonging to the greenback for activity.

On Thursday, the US economic calendar is full of critical events. From growth rate and demand for durable goods to Federal Reserve (Fed)’s most preferred inflation tool, the USD/INR pair is likely to remain highly active after Asia.

Projections claim that the US GDP has witnessed a growth rate of 2.4% in the third quarter vs. a de-growth of 0.6%. Also, the US Durable Goods Orders are seen higher at 0.6% against a drop of 0.2%.

The core Personal Consumption Expenditure (PCE) data for the third quarter is seen lower at 4.5% vs. the prior release of 4.7%. This could trim the odds of a bigger rate hike by the Federal Reserve (Fed).

On the oil front, oil prices have soared sharply to near $88.00 as sanctions on Russia will weigh on the global oil supply. India is a leading importer of oil and always have sheer demand of US dollars to address oil purchase, which may hurt the Indian rupee more against the mighty greenback.

 

 

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location