USD/INR Price News: Indian Rupee regains 82.60 on RBI’s 0.25% rate hike, US Dollar pullback – by anilpanchal7 USDINR CentralBanks RiskAppetite YieldCurve Currencies
RBI matches market forecasts by announcing 25 basis points rate hike. Following the interest rate announcement, RBI Chief Shaktikanta Das said, “While inflation expected to moderate in Fiscal Year 2023-24 , will rule above the 4% target.”
US President Biden delivered his State of the Union speech in the first joint session of Congress since Republicans took control of the House of Representatives in January. During the SOTU, US President Biden showed readiness to work with them for the betterment of America. The policymaker also pushed for the billionaire minimum tax while trying to show a tough stand on China if the dragon nation undermines the US sovereignty.
On the other hand, Minneapolis Federal Reserve President Neel Kashkari told CNN,"We may have to hold rates at a higher level for longer," while adding that he is not forecasting a recession. Following that, Federal Reservesaid, “Expect 2023 to be a year of significant declines in inflation,” while also adding that if data were to continue to come in stronger than expected, would certainly raise rates more.
Elsewhere, a pullback in the WTI crude oil price from $77.60 to $77.30 by the press time adds strength to the USD/INR pullback due to India’s reliance on energy imports. However, the Adani-led India stock rout and foreign fund outflow seem to join the strong US jobs report to keep USD/INR buyers hopeful. On the same line could be the Indian government’s push for deficit-cutting measures in the latest Union Budget, which in turn raises doubts about the nation’s future growth capacity.
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