Indian Rupee Price News and Forecast: USD/INR registers four-day losing streak with eyes on tariff headlines
|USD/INR: Rupee may gap higher on dovish Fed
Indian Rupee (INR) is likely open higher on Thursday, tracking the overnight gains in the major currencies following the Federal Reserve's rate decision.
The US central bank kept rates unchanged at 1.5%-1.75% and signaled it would stand pat in 2020. Even so, markets offered US dollars, possibly due to comments by President Powell that rates would be hiked only if there a persistent rise in inflation.
USD/INR registers four-day losing streak with eyes on tariff headlines
USD/INR logs in the four-day losing streak while trading around 70.70 ahead of the European session on Thursday. The pair initially benefited from the US Federal Reserve’s (Fed) cautious tone concerning the 2020 rate cuts but fears of trade war keep the downside limited.
Despite announcing no change to its current monetary policy, the US Fed Chairman Jerome Powell’s comments provided broad weakness to the US dollar (USD). Also challenging the Fed’s hawkish sentiment could the dot-plot that mentions no rate hikes in 2020.
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