Indian Rupee Opened Little Changed; Focus On High Forward Premiums

Indian Rupee Opened Little Changed; Focus On High Forward Premiums

04 May 2021 10:05 AM
 

USD/INR

Indian rupee opened little changed at 73.89 compared to 73.92 in the previous session with focus on spike in near-term forward premiums and IPO related inflows. The pair strengthened despite the recent ongoing wave of coronavirus. Dollar index rose 0.2% to 91.10 after dropping 0.4% yesterday following weak US Manufacturing data. Ten-year US yield was at 1.604%. March trade data and factory orders are due out of the US later today with factory orders expected to have the greatest influence. Brent crude was 0.2% higher at $67.70 per barrel.

EUR/USD

It’s an uneventful day for Euro on the economic calendar. With no material stats due out to provide the pair with direction, it is left in the hands of broad market sentiment and coronavirus updates. At the time of writing, Euro was down 0.18% to $1.2039.

GBP/USD

It’s a relatively quiet day for Pound on the economic calendar. April’s finalized Manufacturing PMI figures are due out but, other than any revisions to the prelim numbers, they are expected to have a muted impact on the pair. The focus will remain on reopening of the UK economy ahead of BoE’s policy decision on Thursday. At the time of writing, Pound was down 0.24% to $1.3876.

USD/JPY

It is a quiet day for Yen on the economic calendar. Japan’s markets will remain closed for Greenery Day. The pair is expected to trade subdued with some influence from US Factory Orders and updates from the G7 meeting. At the time of writing, Yen was up 0.18% to $109.26.                                                                                                                                                                                                

Important data releases today

Time

CCY

Event

Forecast

Previous

14:00

GBP

Manufacturing PMI (Apr)

60.7

60.7