USDINR ATTEMPTS MILD RECOVERY AFTER HITTING LOWS UNDER 82 DURING INTRADAY MOVES

Published on Jul 14, 2023 12:54

USDINR attempts mild recovery during Asian hours on Friday as dollar is witnessing some buying while wallowing at 15 month lows. The pair is oscillating on both sides of 82 mark. Meanwhile, upcoming inflation expectation figures from University of Michigan Consumer Sentiment report is keeping dollar mildly supported. Dollar extended decline overnight as Thursday`s producer prices data indicated further cooling of US inflation that reduced bets of aggressive Federal rate hikes. The Labor Department said yesterday its producer price index for final demand crept up by 0.1 percent in June after falling by a revised 0.4 percent in May. The report also said the annual rate of producer price growth slowed to just 0.1 percent in June from a revised 0.9 percent in May. This data comes on the back of moderating inflation and slower jobs growth in the US, adding to bets that the Fed will go easy on further rate hikes. The dollar index that measures the greenback against a basket of currencies is seen hovering at a 15-month low below 100 mark, currently at 99.63, up 0.1% on the day. The index registered six consecutive days of decline. USDINR NSE futures hit the day`s low at 81.97 and are currently quoting at 82.15, up marginally on the day.