• Indian Rupee (INR) tracks domestic equities higher
  • Indian forex reserves hit a 9-month high
  • US Dollar (USD) falls after gains last week
  • Dallas & Chicago manufacturing data due

The US Dollar Indian Rupee (USD/INR) exchange rate is falling at the start of the week after gains in the previous week The pair rose 0.25% last week, settling on Friday at 82.03. At 10:00 UTC, USD/INR trades -0.15% at 81.91 and trades in a range of 81.91 to 82.15.

The Rupee is rising, tracking domestic equities higher, supported by falling oil prices. Indian shares are rising, boosted by financials after improved quarterly results from the likes of ICIC Bank and Reliance Industries.

The Nifty 50 trades 0.05% higher and the Sensex 0.06% at the time of writing.

India’s forex reserves rise for a second straight, rising to above a 9-week high of $586.41 billion for the week ending April 14.

Separately, falling oil prices support the Rupee as Indian imports over 80% of its oil needs. Oil fell 5% across last week and trades at a 3-week low, weighed down by worries that rising interest rates could slow the global economy and hit the oil demand outlook.

The US Dollar is falling across the board. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades -0.29% at the time of writing at 101.53, after booking gains across last week.

U.S. dollar gained across last week after who cash commentary from Federal Reserve officials and after data on Friday showed that business activity in the US expanded a faster pace than expected.

The services PMI rose to 53.7 up from 52.6 I’m beat forecasts of a decline to 51.5 meanwhile the manufacturing PMI powered above 50, returning to growth at 50.4 up from 49.2 and defying expectations of a decline to 49. To suggest that the year EU S economy is more resilient unexpected.

Looking ahead regional manufacturing data will be in focus with the release of Dallas and Chicago manufacturing data. There’s no more fed speak as the Fed is on the blackout period ahead of next week’s Federal Reserve interest rate decision.