Indian Rupee struggles to gain ground on Thursday amid the renewed USD demand, higher US Treasury bond yields.
The foreign outflows and the upbeat US CPI report for February might drag the INR lower in the near term.
India’s Wholesale Price Index (WPI) of Food, Fuel and Inflation, and US Retail Sales will be released on Thursday.
Indian Rupee (INR) trades on a negative note on Thursday on the stronger US Dollar (USD) and higher US Treasury bond yields. The downside of USD/INR is likely to be limited in the near term amid the foreign outflows and the hotter-than-expected US CPI report for February suggested that the Federal Reserve (Fed) will wait longer to cut interest rates. Additionally, the rebound in oil prices also weighs on the INR as India ranks third in the world for oil consumption.
Market players await India’s Wholesale Price Index (WPI) of Food, Fuel, and Inflation on Thursday for fresh impetus. The Indian WPI Inflation is estimated to ease to 0.25% YoY in February from 0.27% in January. On the US docket, US Retail Sales will be the highlight on Thursday. Also, the Producer Price Index (PPI), Business Inventories, and usual weekly Initial Jobless Claims will be due later in the day.
Edited 17 Mar 2024, 14:54
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