2/20/2023 0 Comments Usd to rupeeIn addition to the hawkish central bank plays, firmer oil prices also challenge the USD/INR bears due to India’s heavy reliance on oil imports. Also hawkish was the European Central Bank (ECB) which announced a 0.75% rate hike and President Christine Lagarde showed readiness for more such moves to tame inflation. On the same line was Chicago Fed Chairman Charles Evans who favored a 0.75% rate hike for September. "We think by our policy moves we will be able to put growth below trend and get labor market back into better balance," added Fed’s Powell. On the contrary, the Wall Street Journal’s (WSJ) piece challenges the optimism a bit by suggesting further hardships for China’s technology companies.įed Chairman Jerome Powell said on Thursday that they need to act forthrightly and strongly on inflation, as reported by Reuters. Recently firmer US data and hopes that the global central bankers will be able to overcome inflation-led blow with a holistic approach and higher rates also seemed to have favored the market’s mood. In doing so, the greenback gauge fails to cheer hawkish comments from Fed Chair Jerome Powell, published the previous day, while justifying the market’s firmer sentiment.Ĭomments from US Treasury Secretary Janet Yellen, signaling likely positive change in the US-China trade ties, seemed to have helped the market sentiment of late. ![]() That said, the US Dollar Index (DXY) prints the biggest daily loss in a month while refreshing the one-week bottom around 108.75 by the press time. In doing so, the Indian rupee (INR) pair cheers the broad US dollar weakness, as well as upbeat sentiment in Asia. USD/INR takes offers to refresh the weekly low around 79.57 during the initial hour of the Indian trading session on Friday.
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