Indian Rupee Opened Almost Flat Amid Upbeat Asian Peers, Rising Crude

Indian Rupee Opened Almost Flat Amid Upbeat Asian Peers, Rising Crude

25 Jun 2021 10:05 AM
 

USD/INR

Indian rupee opened little changed at 74.1525 compared to 74.16 in the previous session amid upbeat Asian peers and rising crude oil prices. Asian markets traded higher after the US lawmakers agreed on an infrastructure spending deal and as weekly jobless claims declined. 10-year US Treasury yields rose slightly to 1.49% and Dollar index was almost flat at 91.75. India’s weekly foreign exchange data is due out later today. Core PCE numbers and Finalized Michigan Consumer Sentiment and Expectation numbers are due out of the US with, PCE numbers expected to be the key driver. YoY Core PCE is expected to increase 3.4% in May compared to 3.1% in the previous year. Brent crude oil contract was 0.3% higher at $75.76 per barrel.

EUR/USD

It’s a relatively uneventful day for Euro on the economic calendar. German consumer confidence figures for July are due out and any divergence form ECB President Lagarde’s view of a speedier economic recovery might influence the pair. At the time of writing, the EUR was up by 0.08% at $1.1939.

GBP/USD

It’s an uneventful day for Pound on the economic calendar. With no material stats due out to influence the pair, expect markets to continue reacting to yesterday’s BoE policy decision. BoE disappointed the markets yesterday by refraining from any hawkish views. At the time of writing, the Pound was up by 0.03% at $1.3926.

USD/JPY

It was a busy morning for Yen on the economic calendar. Tokyo’s core consumer prices fell by 0.2% YoY in May compared to a fall of 0.1% expected. Going ahead, focus will be on US Core PCE numbers and updates on infrastructure spending plan. At the time of writing, the Yen was down 0.02% at $110.84.

Important data releases today

Time

CCY

Event

Forecast

Previous

17:00

INR

FX Reserves, USD

-

608.08B

18:00

USD

Core PCE Price Index (YoY) (May)

3.4%

3.1%