Foreign Exchange_Forex Market_Forex Trading_Forex Investment - mydayfinance.com
  • Central Bank
    • BOC
    • BOE
    • BOJ
    • ECB
    • FED
    • PBOC
    • RBA
    • UBS
  • Currency
    • AUD
    • CAD
    • CHF
    • CNY
    • EUR
    • GBP
    • INR
    • JPY
    • RUB
    • SGD
    • USD
  • Foreign Exchange Rate
    • AUD exchange rate
    • CAD exchange rate
    • CHF exchange rate
    • EUR exchange rate
    • GBP exchange rate
    • RMB exchange rate
    • YEN exchange rate
  • Knowledge
  • News
No Result
View All Result
  • Central Bank
    • BOC
    • BOE
    • BOJ
    • ECB
    • FED
    • PBOC
    • RBA
    • UBS
  • Currency
    • AUD
    • CAD
    • CHF
    • CNY
    • EUR
    • GBP
    • INR
    • JPY
    • RUB
    • SGD
    • USD
  • Foreign Exchange Rate
    • AUD exchange rate
    • CAD exchange rate
    • CHF exchange rate
    • EUR exchange rate
    • GBP exchange rate
    • RMB exchange rate
    • YEN exchange rate
  • Knowledge
  • News
No Result
View All Result
Foreign Exchange_Forex Market_Forex Trading_Forex Investment - mydayfinance.com
No Result
View All Result
ADVERTISEMENT

INR Gains Against USD Amid Market and Economic Shifts

Elena by Elena
09/09/2024
in INR, News
ADVERTISEMENT

The Indian Rupee (INR) extended its gains for the second consecutive session against the US Dollar (USD) on Monday. However, the USD/INR pair might see short-term appreciation due to a broader decline in Asian equities and currencies, driven by increasing concerns over a potential slowdown in the US economy.

Last week, the Reserve Bank of India (RBI) likely intervened multiple times to support the INR. Traders are monitoring potential RBI actions to prevent the INR from dropping below the 84.00 mark. Rising oil prices could also pressure the INR, as India is the world’s third-largest oil consumer and importer.

The downside of the USD/INR pair could be limited as the USD gains support from Friday’s US labor data, which have reduced the likelihood of an aggressive rate cut by the Federal Reserve (Fed) in its September meeting. The US Nonfarm Payrolls (NFP) report showed an addition of 142,000 jobs in August, below the forecast of 160,000 but an improvement from July’s downwardly revised figure of 89,000.

ADVERTISEMENT

According to the CME FedWatch Tool, markets are fully expecting at least a 25 basis point (bps) rate cut by the Fed at its September meeting, although the likelihood of a 50 bps cut has slightly decreased to 29.0%, down from 30.0% the previous week.

ADVERTISEMENT

Federal Reserve Bank of Chicago President Austan Goolsbee remarked that Fed officials are aligning with market sentiment regarding a possible policy rate adjustment. FXStreet’s FedTracker, which assesses Fed officials’ comments on a dovish-to-hawkish scale, rated Goolsbee’s remarks as dovish, with a score of 3.2.

ADVERTISEMENT

India’s foreign exchange reserves reached a record high of $683.99 billion as of August 30, up from $681.69 billion previously. This increase is attributed to robust economic growth and the inclusion of Indian assets in JPMorgan’s major emerging market debt index, which has bolstered foreign investment.

The ADP Employment Change report showed an increase of 99,000 private-sector jobs in August, below the estimate of 145,000 but higher than July’s 111,000. Weekly US Initial Jobless Claims rose to 227,000 for the week ending August 30, compared to the previous reading of 232,000 and slightly below the initial consensus of 230,000.

The Composite PMI for India continued to show strong growth in August, driven by accelerated business activity in the service sector, which experienced its fastest expansion since March. HSBC Chief India Economist Pranjul Bhandari noted that this growth was fueled by an increase in new domestic orders. Additionally, the World Bank has raised India’s growth forecast to 7% for the current financial year (FY25), up from an earlier projection of 6.6%.

US JOLTS Job Openings dropped to 7.673 million in July, the lowest level since January 2021 and below market expectations of 8.10 million.

Technical analysis of the USD/INR pair shows it trading around 84.00. The daily chart indicates consolidation within a symmetrical triangle pattern, suggesting a period of decreased volatility. The 14-day Relative Strength Index (RSI) remains just above 50, indicating that the overall trend is still bullish.

Immediate support is provided by the nine-day Exponential Moving Average (EMA) at 83.92, followed by the lower boundary of the symmetrical triangle around 83.90. A breach below this level could reinforce a bearish bias, potentially pushing the USD/INR pair towards its six-week low of 83.72. A decline below the 50 level on the RSI might signal a shift toward a bearish trend.

Resistance is testing the upper boundary of the symmetrical triangle at 84.00. A breakout above this level could lead the pair to approach its recent high of 84.14, recorded on August 5.

Related Topics:

  • Current INR Exchange Rate: 10,000 INR to AUD
  • Current INR Exchange Rate: 10000 inr in usd
  • What is the 5000 Rupee Banknote in India?
Tags: eekerninritl
Previous Post

USD/CHF Halts Decline Amid Shifts in Fed and SNB Policies

Next Post

Australian Dollar Struggles Amid Economic Data and RBA Outlook

Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

Related Posts

blank
Currency

Yen Strengthens on Hot Inflation, BoJ Hawkishness, and Global Tensions

23/05/2025
Is US $a dollar
Currency

Dollar Slides as Fiscal Concerns Mount, PMI Data Offers Brief Relief

23/05/2025
Banxico Likely to Slash Rates Despite Inflation
News

Banxico Likely to Slash Rates Despite Inflation

23/05/2025
What Is a Pound Worth in Dollars?
Foreign Exchange Rate

What Is a Pound Worth in Dollars?

23/05/2025
What Is the Value of the Pound Against the Dollar?
Foreign Exchange Rate

What Is the Value of the Pound Against the Dollar?

23/05/2025
What Is the RBI Loan to the Central Government?
Central Bank

What Is the RBI Loan to the Central Government?

23/05/2025
Why Is RBI Important in Banking?
Central Bank

Why Is RBI Important in Banking?

23/05/2025
Carew Tower to Become Mixed – Use Space
News

Carew Tower to Become Mixed – Use Space

23/05/2025
blank
News

NZD/USD Faces Pressure After New Zealand Budget, USD Weakness Limits Losses

22/05/2025
Next Post
Do you know the eight advantages and seven features of foreign exchange investment?

Australian Dollar Struggles Amid Economic Data and RBA Outlook

USD/CAD Pair Faces Headwinds Amidst US Dollar Decline

USD/CAD faces headwinds amid mixed economic signals and oil moves

Bank of Japan unlikely to ‘Hawkish shift’

USD/JPY Ends Four-Day Slide Amid Mixed Economic Data

Tags

ALL ARS ats bam Bank of Korea bef bob Central Bank of Canada Central Bank of Russia cop cup dem Digital Currency Digital RMB Dollar Index dop eek energy crisis ern esp etb Fed rate hike financial markets forex trading gel ghs ils IMF inflation inr interest rates irr isk itl kes lak lyd monetary policy mop mro mur myr Raise Interest Rates sek Swiss National Bank

Recent Posts

blank
Currency

Yen Strengthens on Hot Inflation, BoJ Hawkishness, and Global Tensions

by Elena
23/05/2025

The Japanese Yen (JPY) advanced sharply against a broadly weaker US Dollar (USD) on Friday, bolstered by rising expectations that...

Is US $a dollar

Dollar Slides as Fiscal Concerns Mount, PMI Data Offers Brief Relief

23/05/2025
Banxico Likely to Slash Rates Despite Inflation

Banxico Likely to Slash Rates Despite Inflation

23/05/2025
What Is a Pound Worth in Dollars?

What Is a Pound Worth in Dollars?

23/05/2025
What Is the Value of the Pound Against the Dollar?

What Is the Value of the Pound Against the Dollar?

23/05/2025
What Is the RBI Loan to the Central Government?

What Is the RBI Loan to the Central Government?

23/05/2025
Why Is RBI Important in Banking?

Why Is RBI Important in Banking?

23/05/2025
Carew Tower to Become Mixed – Use Space

Carew Tower to Become Mixed – Use Space

23/05/2025

News

Banxico Likely to Slash Rates Despite Inflation

Banxico Likely to Slash Rates Despite Inflation

23/05/2025
Carew Tower to Become Mixed – Use Space

Carew Tower to Become Mixed – Use Space

23/05/2025
blank

NZD/USD Faces Pressure After New Zealand Budget, USD Weakness Limits Losses

22/05/2025
Consumer Price Index (CPI) : Why is it so important to traders

AUD Gains on RBA Rate Cut, Weakening US Dollar Support

22/05/2025
The Canadian dollar fell after the Bank of Canada’s dovish rate hike

USD/CAD Extends Decline Amid BoC Inflation Data and Weaker US Dollar

22/05/2025
The European Central Bank raised interest rates again but the euro’s gains were limited

EUR/GBP Retreats Amid ECB Dovishness and Strong UK Inflation Data

22/05/2025
Foreign Exchange_Forex Market_Forex Trading_Forex Investment - mydayfinance.com

MydayFinance (www.mydayfinance.com) is a comprehensive foreign exchange industry website, providing global users with 24-hour comprehensive and timely foreign exchange market information, foreign exchange rate real-time query, foreign exchange rate conversion and other content.【Contact us: wougua@gmail.com】

Recent Posts

  • Yen Strengthens on Hot Inflation, BoJ Hawkishness, and Global Tensions 23/05/2025
  • Dollar Slides as Fiscal Concerns Mount, PMI Data Offers Brief Relief 23/05/2025
  • Banxico Likely to Slash Rates Despite Inflation 23/05/2025
  • What Is a Pound Worth in Dollars? 23/05/2025
  • What Is the Value of the Pound Against the Dollar? 23/05/2025

Tags

ARS ats Bank of Korea bam bef bhd bob Central Bank of Brazil CAD to CNY Central Bank of Canada Central Bank of Russia CHF to CNY cop cup dem Digital Currency Dollar Index dop eek ern esp financial markets forex trading gel ghs

Useful Links

Home

ABOUT US

Disclaimer

Privacy Policy

Article sitemap

Forex Trading Tips

Copyright © 2024 mydayfinance.com

No Result
View All Result
  • Home
  • Central Bank
  • Currency
  • Foreign Exchange Rate
  • News

Copyright © 2024 mydayfinance.com MydayFinance (www.mydayfinance.com) is a comprehensive foreign exchange industry website, providing global users with 24-hour comprehensive and timely foreign exchange market information, foreign exchange rate real-time query, foreign exchange rate conversion and other content.