USD/INR Slips as Brent Crude Pulls Back to $76, Dollar Index Slips to 100.85
The Indian rupee held higher against the US dollar on Friday as Brent crude eased to about $76 a barrel and the US Dollar Index, or DXY, fell to 100.85, giving the rupee support despite lingering Middle East tensions and importer hedging demand. Returning from their fourth straight day of inflows, the Foreign Institutional Investors, or FIIs, offloaded their stakes worth 5.33 billion Indian rupees from the Indian markets on Thursday. DXY, a measure of the greenback's strength against the basket of major currencies, nudged lower 0.06% to trade at 100.84 on Friday. 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 inflation data for June and testimony of Federal Reserve Chair Kevin Warsh, due on July 14. At the time of writing, the USD/INR pair was trading at 95.3150, with a 0.06% decline during the European trading session on Friday.
The Indian rupee held higher against the US dollar on Friday as Brent crude eased to about $76 a barrel and the US Dollar Index, or DXY, fell to 100.85, giving the rupee support despite lingering Middle East tensions and importer hedging demand.
Returning from their fourth straight day of inflows, the Foreign Institutional Investors, or FIIs, offloaded their stakes worth 5.33 billion Indian rupees from the Indian markets on Thursday.
DXY, a measure of the greenback's strength against the basket of major currencies, nudged lower 0.06% to trade at 100.84 on Friday.
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 inflation data for June and testimony of Federal Reserve Chair Kevin Warsh, due on July 14.
At the time of writing, the USD/INR pair was trading at 95.3150, with a 0.06% decline during the European trading session on Friday.