Indian Rupee Slides To Record Low Amid Speculations On RBI Intervention
2024年12月11日 - 12:56PM
RTTF2
The Indian rupee weakened against the U.S. dollar in the Asian
session on Wednesday, as traders speculate that the Reserve Bank of
India (RBI) is likely to intervene in the foreign exchange to limit
the significant weakening of the rupee.
Traders increased their bets on interest rate reduction after
career bureaucrat Sanjay Malhotra was named the RBI's next
governor.
Moreover, India's CPI inflation data will be released on
Thursday, along with Industrial and Manufacturing Output
report.
Investors await key U.S. consumer price inflation reports, due
later in the day.
The report is expected to show U.S. consumer prices rose by 0.2
percent for the fifth straight month in November. The annual rate
of consumer price growth is expected to tick up to 2.7 percent from
2.6 percent in October.
Core consumer prices, which exclude food and energy prices, are
expected to increase by 0.3 percent for the fourth straight month
while the annual rate of core consumer price growth is expected to
remain at 3.3 percent.
The CPI report along with the release of producer price
inflation figures on Thursday might impact the outlook for U.S.
interest rates.
According to CME Group's FedWatch Tool, markets currently price
in an 85 percent chance of a Fed rate cut next week.
Whatever the policy decision, there is much uncertainty
regarding what could happen to Fed interest rates next year.
Against the U.S. dollar, the rupee fell to a record low of
85.060 from an early high of 84.82. At yesterday's close, the rupee
was trading at 84.88 against the greenback.
The next possible support level for the rupee is seen around the
86.00 region.
US Dollar vs INR (FX:USDINR)
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から 11 2024 まで 12 2024
US Dollar vs INR (FX:USDINR)
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