USD/INR Price News: Indian Rupee stays firmer around 81.60 as Fed signals policy pivot, RBI intervenes – by anilpanchal7 USDINR
Indian Rupee pair benefits from the Federal Reserve’s signals of a halt in the monetary policy tightening. However, the Reserve Bank of India’s Open Market Operations , as well as indirect Dollar moves via Indian companies, seem to challenge the INR pair as it drills short-term key support.
also ruled out banking woes to praise the economic soundness. However, the omission of statements supporting further rate hikes and higher importance to the data dependency drowned the US Dollar despite the key central bank’s hawkish move.also allowed the USD/INR bears to keep the reins as the WTI benchmark dropped to the lowest levels since December 2021 before recently recovering to $69.00.
On the same line could be the heavy inflow of funds into Indian equities. “Foreigners are buyers of $1.5 billion of Indian equities in the last three sessions,” per Reuters. Also, a 13-year high of India’s S&P Global Services PMI for April exerts downside pressure on the USD/INR price.
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