The Indian rupee little changed at 68.30 pair now at 68.32 against 68.5650 previous close.
Pair to tip in 68.20-68.50 range today.
Dollar/rupee open lower Thursday tracking a weak dollar after Fed Chair Powell reinforced prospects of a US interest rate cut later this month. After Fed Powell's dovish comments, dollar weakened. Spot may open lower. Fed Powell confirmed that the US economy is still under threat from disappointing factory activity, tame inflation and a simmering trade war. Powell said the central bank stands ready to act as appropriate. The spot pair may open around Rs 68.32-68.39/$1 Thursday compared to Rs 68.56/$1 at previous close.
The dollar was soft on Thursday after Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month, vowing to "act as appropriate" to ensure the world's biggest economy will be able to sustain a decade-long expansion.
Powell pointed to broad global weakness that was clouding the U.S. economic outlook amid uncertainty about the fallout from the Trump administration's trade conflict with China and other nations. to a generally dovish tone in his testimony, the minutes from the Fed's previous policy meeting showed many policy makers thought more stimulus would be needed soon, reviving speculation of an aggressive rate cut.
Gold prices rose to their highest in over a week on Thursday as the dollar pulled back from multi-week highs after comments from Federal Reserve Chairman Jerome Powell bolstered expectations for an interest rate cut later this month.
U.S. oil futures hit their highest in over a month on Thursday as a potential hurricane threatened crude output in the Gulf of Mexico and as an incident involving a British tanker in the Middle East highlighted ongoing tensions there.
Global Markets at one Glance
Key Events of the Day
Core CPI (MoM) (Jun)
Share this post?
Download RouteForex Mobile App
And Track Your Entire Portfolio
Request a Call Back
Your submission is received and our Expert will contact you soon