USD/INR Holds Firm as India's WPI at 9.87%, Higher Unemployment Caps Rupee Gains
The Indian rupee held lower against the US dollar on Wednesday, as India's wholesale inflation climbed to 9.87% in June from 9.68%, while higher unemployment at 5.5% in June, the same as the previous month, limited the Indian rupee's gains against the greenback. The Foreign Institutional Investors, or FIIs, withdrew their stakes worth 7.40 billion Indian rupees from the Indian markets on Tuesday. FII turned net buyers with 3,449.73 billion Indian rupees so far in July. The next mild-impact event for the Indian currency will be the Infrastructure Output for June, due on July 20. For the USD, the major events will be the Producer Prices Index data for June and testimony of the Federal Reserve Chair, Kevin Warsh, due later in the day. At the time of writing, the USD/INR pair was trading at 96.2550, with a 0.07% gain during the European trading session on Wednesday.
The Indian rupee held lower against the US dollar on Wednesday, as India's wholesale inflation climbed to 9.87% in June from 9.68%, while higher unemployment at 5.5% in June, the same as the previous month, limited the Indian rupee's gains against the greenback.
The Foreign Institutional Investors, or FIIs, withdrew their stakes worth 7.40 billion Indian rupees from the Indian markets on Tuesday.
FII turned net buyers with 3,449.73 billion Indian rupees so far in July.
The next mild-impact event for the Indian currency will be the Infrastructure Output for June, due on July 20.
For the USD, the major events will be the Producer Prices Index data for June and testimony of the Federal Reserve Chair, Kevin Warsh, due later in the day.
At the time of writing, the USD/INR pair was trading at 96.2550, with a 0.07% gain during the European trading session on Wednesday.