- Indian Rupee (INR) finds support from strong gains in equities
- Oil prices steady after 3-days of steep losses
- US Dollar (USD) rises as investors weigh up the Fed meeting
- US jobless claims rose by 242k
The US Dollar Indian Rupee (USD/INR) exchange rate is falling after gains in the previous session. The pair rose 0.01% in the previous session, settling on Wednesday at 81.75. At 10:00 UTC, USD/INR trades -0.8% at 81.68 and trades in a range of 81.64 to 81.88.
The Rupee is finding support by an uptick in domestic shares. Financial and metal stocks led Indian shares to close higher on Thursday thanks to strong earnings and sustained buying from foreign investors.
The Nifty 50 closed 0.9% higher and the Sensex rose 0.91% higher on Thursday.
Oil prices stabilized after three days of steep losses. Oil fell over 9% across the past three days on demand worries as central banks hike rates which slows growth.
The US Dollar is falling across the board. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades -0.05% at the time of writing at 101.29, after two straight days of gains.
The US dollar is rising, after steep losses as investors continue to digest the Federal Reserve interest rate decision. The US central bank raised interest rates by 25 basis points, in line with expectations.
Investors were more interested in what comes next. Federal Reserve Chair Jerome Powell hinted that the Fed was nearing the end of its steepest hiking cycle since the 1970s.
With the ongoing turmoil in the banking sector a pause in the rate hiking cycle would allow the Fed the opportunity to assess the impact of the rate hikes on the broader economy.
On the data front, US jobless claims rose by more than expected to 242,000, up from 230,000 and ahead of forecasts of 240,000. The data comes ahead of tomorrow’s non-farm payroll report.
