- Indian Rupee (INR) holds steady against the Rupee
- Oil falls further after OPEC+ pushed back meeting
- US Dollar (USD) falls versus major peers
- US PMI data is due tomorrow
The US Dollar Indian Rupee (USD/INR) exchange rate is falling, giving back yesterday’s gains. The pair rose +0.29% in the previous session, settling on Wednesday at 83.54. At 16:00 UTC, USD/INR trades -0.29% at 83.31 and trades in a range of 83.17 to 83.54.
The Rupee is holding steady in quiet trade as domestic equities fall, as do oil prices.
Oil has fallen over the past two sessions after OPEC+ delayed the November meeting pushing it back to the 30th of the month from the 26th without an explanation. Investors believe that the group may struggle to agree to cut supply much further.
Separately, analysts predict that India’s stock market will hit new highs over the coming six months and rise around 10% between now and the end of 2024 thanks to the expansion of the economy. Expectations are for value stocks which have underperformed in recent years well outperform growth stocks.
The US Dollar is falling across the board. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades -0.15% at the time of writing at 103.73, after rising 0.31% yesterday.
The USD is edging lower after two days of gains in quiet trade as US equity markets and bond markets are closed for the Thanksgiving holiday.
The USD gained in the past two sessions after the minutes of the November Federal Reserve interest rate decision meeting showed that the Federal Reserve would proceed carefully but made no mention or indication of cutting interest rates.
Meanwhile, data yesterday showed that US jobless claims fell to 209k this was well below the 225k that was forecast. The stronger-than-expected jobless claims figures suggest that the US labour market remains resilient despite the Federal Reserve’s aggressive rate hiking cycle.
There is no high-impacting U.S. economic data today instead, attention will be on releases tomorrow with the US business activity data, which includes the manufacturing, service sector and composite PMI readings, which should give further insight into the health of the US economy
