USD/INR Falls as NDF Dollar Sales Lift Rupee 0.4%
The Indian rupee rose to a one-week high of 94.95 against the US dollar on Tuesday, after offshore NDF dollar sales forced short-covering and wider Asian currency gains supported sentiment into the close. For the second straight day, the Foreign Institutional Investors, or FIIs, invested in the Indian markets with their stakes worth 2.43 billion Indian rupees on Friday. The US Dollar Index, a measure of the greenback's strength against the basket of major currencies, grew 0.09% to 100.94 on Tuesday. The next high-impact event for the Indian currency will be the Inflation Rate for June, due on July 13. For the USD, the mild event will be the Balance of Trade for May, due later in the day. At the time of writing, the USD/INR pair was trading at 94.9675, with a 0.43% decline during the European trading session on Tuesday.
The Indian rupee rose to a one-week high of 94.95 against the US dollar on Tuesday, after offshore NDF dollar sales forced short-covering and wider Asian currency gains supported sentiment into the close.
For the second straight day, the Foreign Institutional Investors, or FIIs, invested in the Indian markets with their stakes worth 2.43 billion Indian rupees on Friday.
The US Dollar Index, a measure of the greenback's strength against the basket of major currencies, grew 0.09% to 100.94 on Tuesday.
The next high-impact event for the Indian currency will be the Inflation Rate for June, due on July 13.
For the USD, the mild event will be the Balance of Trade for May, due later in the day.
At the time of writing, the USD/INR pair was trading at 94.9675, with a 0.43% decline during the European trading session on Tuesday.