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USD/INR rises as traders anticipate US retail sales report

World +5 min read
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The USD/INR exchange rate edged higher on Thursday as traders awaited the release of US retail sales data, a key measure of consumer spending. The upcoming report is expected to shape market sentiment and influence currency movements.

The US dollar has been gaining strength amid expectations of interest rate increases by the Federal Reserve, which has put the Indian rupee under pressure. Strong retail sales data could further solidify the case for more aggressive monetary tightening by the Fed, pushing the dollar higher against the rupee.

At the same time, the rupee has been weakened by rising oil prices, as India remains a major importer of crude. The combination of solid US economic data and increasing oil costs has contributed to the upward drift in the USD/INR exchange rate.

Market experts suggest that the next major move in USD/INR will depend on the outcome of the retail sales report and any signals from the Federal Reserve. If the report exceeds expectations, the US dollar could continue to strengthen, adding further pressure on the rupee.

Domestic factors, such as India’s inflation and growth outlook, are also being watched by traders for potential impact on the rupee’s long-term performance. However, in the near term, all eyes are on the US retail sales data, with the potential for increased volatility in the USD/INR pair.

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