- Indian Rupee (INR) is holding steady
- The RBI has calmed volatility
- US Dollar (USD) is falling versus its major peers
- US consumer confidence soars
The US Dollar Indian Rupee (USD/INR) exchange rate has ticked huger after modest losses yesterday. The pair fell 0.04% in the previous session, settling on Monday at 84.06. Today, at 22:00 UTC, USD/INR is up +0.01% at 84.06 and traded in a range of 84.03 to 84.15.
The Indian rupee remains relatively steady against the US dollar, highlighting the Reserve Bank of India’s proactive measures to maintain stability.
The RBI’s recent interventions have kept the rupee’s fluctuations in check, narrowing its intraday trading range for an 8-day streak.
The control has cooled traders’ demand for large positions in the rupee, calming trading interest and pointing to lower volatility.
Meanwhile, oil prices are inching higher after a 6% decline in the previous session. The latest API inventories data, which showed a larger-than-expected US crude stock oil draw, supported oil prices.
The US Dollar is flat against the Rupee but falling against its major peers. The US Dollar Index, which measures the greenback versus a basket of major currencies, is falling 0.03%, trading at 104.28 after two days of gains.
The US dollar is edging lower as investors digest the latest Childs job openings and US consumer confidence data.
U.S. consumer confidence surged in October to its highest level in nine months an optimism about the broader economy and the labour market.
The Conference Biard’s gauge of consumer sentiment rose to 108.7, well above expectations of 99.5. Meanwhile, a measure of expectations for the next six months rose to 89.1, the highest level since December 2021.
Meanwhile, JOLTS job openings fell by more than expected to $7.44 million in September, below the $7.99 million expected.
The weaker-than-expected data cast a shadow on the US labour market ahead of a busy week for data, which will include ADP payrolls tomorrow and US non-farm payroll figures on Friday.
