

Rupee hovering at weak levels as dollar struggles before key U.S. jobs data

The Indian rupee (Symbol: USDINR) is poised to remain near its weakest level against the U.S. dollar as markets await crucial U.S. jobs data, which could shape the Federal Reserve’s interest rate decision at its upcoming September meeting. After touching a low, the rupee managed to avoid crossing the psychological 84-mark, thanks to intervention from the Reserve Bank of India (RBI). While the U.S. dollar struggles against its major peers and most Asian currencies, the moves of the rupee are expected to remain subdued. Investors are focusing on the U.S. jobs data, which could influence market sentiment around the Federal Reserve’s next steps. A weak U.S. labour market report could push the Fed toward a more aggressive rate cut, while a stronger jobs report may lead to a more conservative reduction. Read more to find out how will Indian rupee trend.

how will Indian rupee trend

Disclaimer:

A significant break below the 84-mark could create opportunities for intraday volatility. However, interventions from the RBI are likely to keep any sharp declines in check, making the Indian currency a low-volatility play compared to other major currencies. The markets are keeping an eye on the U.S. jobs data, as the Fed’s next rate move will influence market sentiment and possibly create some movement in the USDINR currency pair. Traders should maintain risk management in making trade decision.

Publication date:

2024-09-16 15:18:00 (GMT)

The terms and conditions of use set out below (referred to as "FX Blue's Terms"), form a contractual agreement governing FX Blue's relationship with you in relation to your use of this Website (“Agreement”) and you agree to be legally bound by FX Blue's Terms just as if you had signed this Agreement. By using this Website and any Information, you are agreeing to comply with and be bound by FX Blue's Terms, including any revisions that may be made to FX Blue's Terms from time to time. FX Blue reserves the right, in FX Blue's sole discretion, to change, modify, add or remove portions of FX Blue's Terms at any time by posting the revisions on the Website. You should check FX Blue's Terms periodically for changes as by using the Website after FX Blue posts any changes to FX Blue's Terms, you are agreeing to accept those changes, whether or not you have reviewed them, and you waive any right you may have to receive individualised notice of such changes. FX Blue's Terms may be supplemented by additional terms and conditions pertaining to specific content and activities. You agree and understand that such additional terms and conditions are hereby incorporated by reference to FX Blue's Terms. Your continued use of the Website means that you accept any new or modified FX Blue Terms.