USD/INR remains pressured around 82.55 after posting the first weekly loss in five, as well as marking the biggest weekly loss since early July, as ma
rket players brace for this week’s top-tier data from India and the US. Additionally favoring the Indian Rupee buyers could be the cautious optimism in the Asia-Pacific region, mainly due to China's stimulus.
While portraying the mood, the MSCI’s Index of the Asia-Pacific shares outside Japan rose around 1.20% intraday after reversing from a 5.5-month low the last week. Additionally, Japan’sjumped 1.7% on a day whereas stock indices in China rose around 2.0% intraday each to underpin optimism of Indian share traders, as well as favor the INR bulls.
The introduction of one more measure to boost China's economic activity, via halving the current stamp duty of 0.1% on stock trading, favors sentiment in Asia. On the same line could be the news from the Wall Street Journal which cites people familiar with the decision-making process in China to highlight Chinese Communist Party Chairman Xi Jinping’s deep-rooted philosophical objections to Western-style consumption-driven growth, suggesting more stimulus ahead.
Additionally, hopes of witnessing an upbeat India second quarter 2023 Gross Domestic Product details, as well as the recent pullback in the US Dollar Index , also underpin the Indian Rupee strength. Furthermore, softer Oil Price also weighs on the USD/INR pair due to India’s reliance on energy imports and record-high budget deficit.
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