Indian Rupee (INR) gains momentum on Friday as the cautious comments by the Federal Reserve (Fed) Chair Jerome Powell exert further selling pressure on the US Dollar (USD).
India n Rupee drifts higher on Friday amid the softer Greenback. The positive outlook in the India n economy and capital inflows support the INR. Investors await the US ISM Services PMI and the employment data on Friday. India n Rupee gains momentum on Friday as the cautious comments by the Federal Reserve Chair Jerome Powell exert further selling pressure on the US Dollar .
The price of Crude Oil , the value of the US Dollar – most trade is conducted in USD – and the level of foreign investment, are all influential. Direct intervention by the Reserve Bank of India in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee.
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