The Indian Rupee (INR) continues to decline on Tuesday, following its record low in the previous session. A weak Chinese Yuan, strong US Dollar (USD) demand, and higher crude oil prices contribute to the INR's depreciation. However, the Reserve Bank of India (RBI) is expected to intervene to limit further losses. The RBI has been actively selling USD to support the INR and manage its impact on foreign exchange reserves.
The Indian Rupee loses traction in Tuesday’s Asian session. A weak offshore Chinese Yuan , strong USD demand from importers, and higher crude oil prices weigh on the INR. The intervention by the RBI might help limit the local currency’s losses. The Indian Rupee extends its downside on Tuesday after reaching an all-time low in the previous session. The strong US Dollar demand by corporates, likely related to month-end payments and weakness in the Chinese Yuan could drag the local currency lower.
95 zone acts as a potential support area for USD/INR. The 14-day Relative Strength Index is located above the midline near 68.95, suggesting that the support level is likely to hold rather than break. Else, a breach of the mentioned level could expose 84.21, the 100-day EMA. Indian Rupee FAQs What are the key factors driving the Indian Rupee? The Indian Rupee is one of the most sensitive currencies to external factors.
Indian Rupee USD RBI Chinese Yuan Crude Oil Prices
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/INR extends downside ahead of Indian GDP dataThe Indian Rupee (INR) extends its decline near its all-time low on Friday.
Read more »
USD/INR gathers strength on worries over Indian economic growthThe Indian Rupee (INR) remains weak near a record low on Thursday despite interventions by the Reserve Bank of India (RBI).
Read more »
USD/INR gathers strength ahead of Indian PMI, WPI inflation dataThe Indian Rupee (INR) weakens on Monday. Heightened US Dollar (USD) demand in the non-deliverable forwards market and a weaker Chinese Yuan weigh on the local currency.
Read more »
Indian Rupee Holds Steady Ahead of Fed Rate DecisionThe Indian Rupee remains stable despite hitting a record low, influenced by global trade trends and the upcoming Fed announcement.
Read more »
Indian Rupee Holds Steady Despite USD Demand and Fed Rate CutThe Indian Rupee (INR) remained relatively stable in Thursday's Asian session, despite persistent demand for US dollars (USD) and a cautious outlook from Federal Reserve (Fed) officials. The INR faced pressure from renewed USD demand from importers, foreign banks, and foreign fund outflows, as well as a subdued trend in domestic equities.
Read more »
Indian Rupee Rebounds Despite Global HeadwindsThe Indian Rupee (INR) sees a rebound on Friday after hitting an all-time low. Lower crude oil prices and potential RBI intervention may support the INR, but a hawkish Fed stance could cap its gains. Traders await key US economic data, including the Core PCE Price Index and Michigan Consumer Sentiment Index.
Read more »