The USD/INR pair has delivered an upside break of the consolidation formed in a narrow range of 81.66-81.77 in the Asian session. The asset is demonstrating optimism amid a recovery move shown by the US Dollar Index (DXY) after dropping to near 101.70.
The USD/INR pair has witnessed a decent buying interest in the opening trade, which has driven the asset towards 82.70 despite a quiet market mood. The asset has displayed a sheer rebound as oil prices have registered significant gains on expectations of a recovery in global economic prospects after a soft landing of the United States inflation in November consecutively for the second month.
Indian currency appreciated 20 paise to 82.60 at the open against the greenback on Wednesday. It closed at 82.80 on Tuesday.
“Rupee extended its gains in yesterday’s session after Fed Chairman signaled a likely slowdown in the pace of tightening in December, while indicating that more hikes will be necessary to curb inflation.
US Inflation Data: The American Dollar finished Wednesday little changed, despite some noise coming from major central banks. Investors await US inflation data, which could provide fresh clues on where the US Federal Reserve is heading next
Rupee Hits Lifetime Low: The Indian Rupee hit a lifetime low level of 80.43 on Thursday after US Fed’s decision to hike interest rate by 75 basis points yet again. The domestic currency opened at a record low of 80.2850 per US dollar, down from the previous close of 79.97.
The Indian rupee hit its lowest level against a strengthening U.S. dollar after Jerome Powell’s hawkish remarks at Jackson Hole.