USD/INR Price News: Indian Rupee renews 10-week high near 81.00, focus on RBI, US GDP – by anilpanchal7 USDINR GDP Inflation CentralBanks RiskAppetite
doing so, the Indian Rupee pair cheers the broad US Dollar weakness, as well as the heavy inflow to the Indian economy, while also portraying the fears of the Reserve Bank of India’s market intervention. drops 0.30% intraday to 101.65 by the press time, down for the fourth consecutive day in a row, amid cautious optimism in the market and the absence of Federal Reserve talks during the two-week ‘blackout period’ before the Fed meeting.
At home, heavy foreign inflows due to the major private players’ capital issues and hedgers’ activity seemed to have favored the INR as well. It should be noted that a jump in India’s foreign exchange reserves to a five-month high also favored the USD/INR bears. “India's foreign exchange reserves rose to $572 billion in the week through Jan. 13, their highest level since early August last year, the Reserve Bank of India's statistical supplement showed on Friday,” said Reuters.
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