• Indian Rupee (INR) falling for a second day
  • Indian domestic rose and oil prices fell
  • US Dollar (USD) falls after jobless claims
  • Fed not expected to hike again

The US Dollar Indian Rupee (USD/INR) exchange rate is rising for a second straight day. The pair rose +0.2% in the previous session, settling on Wednesday at 83.18. At 19:00 UTC, USD/INR trades +0.04% at 83.17 and trades in a range of 82.99 to 83.27.

The Indian Rupee is falling despite rising domestic equities and falling oil prices.

Indian stocks have continued to rise on expectations that the Federal Reserve is done hiking interest rates, helping the Nifty 50 rise 0.46% and the Sensex to gain 0.47%. IT stocks have surged 5.35% in the past two sessions.

Meanwhile, oil prices have tumbled lower, dropping 4% on Thursday amid rising concerns over the demand outlook.

The US Dollar is rising against the Rupee but falling versus its major peers. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades -0.05% at the time of writing at 104.35, after rising 0.3% yesterday.

The US dollar is falling against its major peers on Thursday after rising in the previous session.

US jobless claims data today has revived bets that the Federal Reserve is at the end of its rate hiking cycle.

Jobless claims rose by 231,000, up from 218,000 in the previous week and well ahead of the 220,000 that was forecasted.

Meanwhile, continuing claims rose to 1865k, up from 1833k. This was also above expectations of 1845k, marking the highest level in almost two years. Continuing claims have now risen for the past eight weeks, suggesting that Americans who are unemployed are finding it harder to get a job.

While it’s difficult to draw firm conclusions from the volatile weekly data, it does suggest that some signs of weakness are seeping into the US labour market. The data suggests that unemployment is on track to edge higher in November from 3.9% in October, firming expectations that the Fed is done hiking rates this year.