USD/INR Slips as RBI Dollar Sales Blunt Oil Pressure

The Indian rupee trimmed its earlier losses against the US dollar on Thursday, as likely Reserve Bank of India USD sales and Brent's retreat near $78/barrel eased pressure on the rupee, despite fresh US-Iran strikes and wider geopolitical caution across markets. For the fourth straight day, the Foreign Institutional Investors, or FIIs, invested in the Indian markets with their stakes worth 19.63 billion Indian rupees on Wednesday. The US Dollar Index, a measure of the greenback's strength against the basket of major currencies, nudged lower in a failed effort to trade above the 101 level, now trading at 100.98 on Thursday. The next high-impact event for the Indian currency will be the Inflation Rate for June, due on July 13. For the USD, the major events will be the Initial Jobless Claims up to July 4 and Existing Home Sales for June, due later on Thursday. At the time of writing, the USD/INR pair was trading at 95.3780, with a 0.17% decline during the European trading session on Thursday.