US Jobs Report Coming up: It felt like the market didn’t want to commit in either direction on Thursday, perhaps wanting to take some time to hold up and reflect ahead of today’s US jobs report.
Dollar selling opportunity? – Cash for clunkers – 10.5% more cash than one year ago, and that is the main driver behind accelerating US inflation. Had prices of used cars remained unchanged, the headline Consumer Price Index would be roughly 3.6%, not 5.4% as reported. Core CPI would also be substantially lower than the 4.5% YoY reported for June.
The Indian rupee appreciated for the second straight session on Monday against the dollar, tracking gains in most regional currencies and possible inflows related to an upcoming IPO.
Rupee Bond Traders: Indian sovereign bond traders will assess the minutes of the central bank’s April meeting which focused on growth recovery and demand at a Rs 32,000-crore ($4.3billion) bond auction later on Friday.
A slide in the rupee prices is exacerbating a slump in Indian corporate dollar notes that are now among the worst performers in Asia, just as concerns mount that companies are hedging less.
USD/INR Price News: Rupee trims gains below 75.00 even as India’s covid cases ease