USD/INR Price News: Extends its upside above 82.20 amid the USD demand – by lilyfinancial USDINR EmergingMarkets Macroeconomics
2022 and holds above 82.20. The uptick in USD/INR is bolstered by the strength of the Greenback. The US, a measure of the value of USD against a basket of six influential currencies, rebounds above the 102.00 area following last week's gains against its rivals.
The escalating tensions between the US and China over access to technology exert some pressure on the Indian Rupee and benefit the safe-haven US Dollar. On Monday, China announced export restrictions on some drones and drone-related equipment to the US, citing "national security and interests”. The restriction will go into effect on September 1, according to the commerce ministry.
On the other hand, evidence of alleviating underlying price pressures in the United States might convince the Federal Reserve to adopt a less hawkish stance. The Personal Consumption Expenditures Price Index decreased from 3.8% in May to 3% in June, below the market's expectation of 3.1%. While the Core PCE Price Index came in at 4.1% annually, down from 4.6% in May and below market expectations of 4.
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