Indian Rupee Hits 7-Month Low as Brent Tops $86, WPI Inflation Jumps in June
The Indian rupee slid to a seven-week low of 96.24 per US dollar on Tuesday as Brent crude oil climbed above $86 per barrel and India's wholesale inflation accelerated to 9.87% in June from 9.68% in May, exerting pressure on the Asian currency. The Foreign Institutional Investors, or FIIs, withdrew their stakes worth 30.62 billion Indian rupees from the Indian markets on Monday. FII turned net buyers with 15.11 billion Indian rupees so far in July. The next high-impact event for the Indian currency will be the Unemployment Rate for June, due on Wednesday. For the USD, the major events will be the inflation data for June and testimony of Federal Reserve Chair Kevin Warsh, due later in the day. At the time of writing, the USD/INR pair was trading at 96.190, with a 0.60% gain during the European trading session on Tuesday.
The Indian rupee slid to a seven-week low of 96.24 per US dollar on Tuesday as Brent crude oil climbed above $86 per barrel and India's wholesale inflation accelerated to 9.87% in June from 9.68% in May, exerting pressure on the Asian currency.
The Foreign Institutional Investors, or FIIs, withdrew their stakes worth 30.62 billion Indian rupees from the Indian markets on Monday.
FII turned net buyers with 15.11 billion Indian rupees so far in July.
The next high-impact event for the Indian currency will be the Unemployment Rate for June, due on Wednesday.
For the USD, the major events will be the inflation data for June and testimony of Federal Reserve Chair Kevin Warsh, due later in the day.
At the time of writing, the USD/INR pair was trading at 96.190, with a 0.60% gain during the European trading session on Tuesday.