The USDINR pair made a gap down opening at 75.32 levels and traded in the range of 75.20-75.51 with a sideways bias and the pair closed at 75.37 levels. The Reserve Bank of India set the reference rate for USDINR at 75.4576 levels. The US dollar fell against the rupee, because the dollar index was weak in the early Asian session as investors shifted their focus to inflation data and US FOMC September meeting minutes. We saw two way price action in a volatile session.
Rupee was under pressure despite strength in domestic equities and bonds. The pressure on the Rupee can be attributed to offshore USD/INR carry unwinding. The key data points will provide investors with further cues on global economic recovery and when the US Federal Reserve will start tapering its massive bond-buying program. A rise in domestic benchmark indices also supported the Indian rupee.
Britain's economy returned to growth in August after contracting for the first time in six months in July, keeping intact financial market bets that the BoE will begin raising interest rates before the end of the year. GDP grew by 0.4% in August, after it was revised down to show a drop of 0.1% in July when staff absences linked to the Delta variant of COVID-19 peaked.
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