Indian Rupee bounces back as India’s retail inflation grew faster in August
The post Indian Rupee bounces back as India’s retail inflation grew faster in August appeared on BitcoinEthereumNews.com.
The Indian Rupee rebounds against the US Dollar to near 88.40 as India’s CPI grew at a faster pace in August. US Commerce Secretary Lutnick said that a trade deal with India would likely be reached if it stops buying Russian Oil. US Initial Jobless Claims for the week ending September 5 came in at their highest in four years at 263K. The Indian Rupee recovers early losses and ticks up to near 88.40 against the US Dollar (USD) on Friday. The USD/INR pair faces slight selling pressure as the Indian Rupee attracts bids after the release of India’s Consumer Price Index (CPI) data for August. The CPI report showed that retail inflation grew at an annual pace of 2.07%, almost in line with estimates of 2.1%, but higher than the prior reading of 1.55%. Rising inflationary pressures are likely to force traders to pare bets supporting more interest rate cuts by the Reserve Bank of India (RBI) in the remainder of the year, a scenario that will be favorable for the Indian Rupee. However, the outlook of the Indian currency remains uncertain as trade tensions between the United States (US) and India continue to linger, even as Washington and New Delhi have confirmed that trade negotiations between both nations are still going on. They strive to reach an agreement sooner. Since the announcement of the 90-day grace period by the US for its trading partners to close a trade agreement before the imposition of reciprocal tariffs, Washington mentioned that India could have been the first nation with which it would have closed a deal. However, the deal got postponed due to war tensions between India and Pakistan. And, now India is the nation facing the highest tariffs by the US for buying Oil from Russia. The comments from US…
