USD/INR Price News: Indian rupee stays pressured near 10-week low as Ukraine woes propel oil prices By anilpanchal7 USDINR Oil RiskAppetite Ukraine Fed
USD/INR reverse the previous day’s pullback from multi-day high, picks up bids of late.
Indian shares track Wall Street gains but 11-year high WTI crude oil challenges bulls as India trade deficit balloons.Powel’s testimony 2.0, US ISM Services PMI may entertain traders but geopolitics, US NFP are more important catalysts.The Indian rupee pair refreshed multi-day high the previous day before the risk-on mood triggered a pullback. The latest run-up, however, takes clues from strong oil prices as India’s trade deficit widens.refresh 11-year high around $113.00, around $112.
Elsewhere, fears of another disappointment from the peace talks between Ukraine and Russia, even as diplomats hope for a ceasefire, challenge the market sentiment and underpin the US dollar’s safe-haven demand. On the other hand, a jump in the probabilities of a 0.50% rate hike in the MarchAdditionally weighing on theare Russia’s rating downgrades from Fitch and Moody’s, as well as US President Joe Biden’s comments that he is “looking at ways” to cut Russian oil consumption by the US.
While portraying the mood, S&P 500 Futures remain sluggish and so do US 10-year Treasury yields even as Wall Street ran the show of optimism. At home, India’s BSE Sensex prints 0.50% intraday gains at the latest. Moving on, the second version of Fed Chair Powell’s testimony will entertain traders ahead of Friday’s key US jobs report. However, major attention will be given to the Russia-Ukraine headlines and oil prices.Although sustained trading beyond the 200-DMA level of 74.43 keeps USD/INR buyers hopeful, an upward sloping trend line from early January, near 76.20, appears a tough nut to crack for the bulls.
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