• Indian Rupee (INR) tracks domestic equities higher
  • Oil falls to a monthly low
  • US Dollar (USD) falls versus major peers
  • US durable goods beat forecasts

The US Dollar Indian Rupee (USD/INR) exchange rate is falling after modest gains yesterday. The pair rose 0.02% in the previous session, settling at 81.96. At 15:00 UTC, USD/INR trades -0.27% at 81.74 and trades in a range of 81.67 to 82.11.

The Indian Rupee has risen to a seven-week high against the US dollar, tracking Asian peers northwards.

The Rupee tracks domestic equities higher as Indian shares shrugged off recession concerns in the US and are instead boosted by gains across sectors amid a slew of upbeat Indian earnings.

Oil prices continue to fall, slipping for a second straight day as fears over the health of US economy hurt the oil demand outlook. West Texas Intermediate trades at $75.70, having wiped out all the gains from the OPEC+ output cut announced several weeks ago.

The US Dollar is falling across the board. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades -0.75% at the time of writing at 101.09, pairing gains from yesterday.

The US dollar is extending its downward trend after a brief respite in the previous session as investors digest the latest durable goods data. Headline durable goods orders saw a jump of 3.2% month on month, after falling -1.2% in February. However, a large part of this increase came from the volatile transportation category whilst the rest of the sub categories weren’t that impressive.

Data comes after U.S. consumer confidence dropped to a nine month low In April pointing to a darkening outlook as recession fears rise.

The market is currently pricing in a 73% chance of a 25 basis point rate hike next week this is down from an 83% probability just one week ago. Meanwhile, expectations for a 25 basis point rate hike in June have fallen from 30% to just 10%.