Indian Rupee Opened Weaker As Dollar Index Rebounds From 2-Week Lows

Indian Rupee Opened Weaker As Dollar Index Rebounds From 2-Week Lows

09 Apr 2021 10:03 AM
 

USD/INR

Indian rupee opened weaker at 74.77 compared to 74.59 in the previous session as Dollar index rebounds from 2-week lows and investors worry about impact of RBI’s bond purchase plan. Dollar index was little changed at 92.10 after falling 0.5% yesterday to 92.06 amid a decline in Treasury yields, and an increase in weekly US jobless claims. Ten-year US yield was trading its 2-week low at 1.6298%. India weekly foreign exchange data is due out later in the day. Wholesale inflation figures for March are due out of the US and will be eyed with investors expecting an increase in wholesale inflationary pressures. Brent crude was 0.1% higher at $63.26 per barrel.

EUR/USD

It’s an eventful day for Euro on the economic calendar. German industrial production and trade figures for February are due out later in the day and are expected to increase following Germany’s remarkable private sector PMI figures. Coronavirus and vaccine updates will remain the key drivers. At the time of writing, Euro was down 0.08% to $1.1903.

GBP/USD

It’s an uneventful day for Pound on the economic calendar. House price figures for March are due out but are not expected to impact the pair much. Focus will remain on lockdown easing measures and progress in the vaccine drive. Worries over the AstraZeneca vaccine weigh on the pair as the EMA found a “rare link” between the vaccine and blood clots. At the time of writing, Pound was up 0.01% to $1.3732.

USD/JPY

It’s a quiet day for Yen on the economic calendar. With no stats due out of Japan to influence the pair, the focus will be on Producer Price Inflation report due out of the US. A higher-than-expected inflation could push US bond yields higher, and lead to Yen’s appreciation. At the time of writing, Yen was up 0.05% to $109.29.                                                                                                                                                                                              

Important data releases today

Time

CCY

Event

Forecast

Previous

17:00

INR

                FX Reserves, USD

-

579.29B

18:00

USD

                PPI (MoM) (Mar)

0.5%

0.5%