![Pinterest](https://pinterest.com/pin/create/button/?url=https://bollspel.com/anticipation-builds-as-usd-inr-edges-lower-before-us-cpi-and-fomc-meeting/&media=https://bollspel.com/wp-content/uploads/2023/12/7899-anticipation-builds-as-usd-inr-edges-lower-before-us-cpi-and-fomc-meeting.jpg&description="Get the latest updates on USD/INR as anticipation grows before US CPI and FOMC meeting. Stay informed with the latest trends in the foreign exchange market. Join us for all the updates."){kind=link}
- Indian Rupee (INR) kicks off the new week on a positive note as traders await a key US event.
- The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) decided to keep the interest rate unchanged at 6.50% while raising its growth forecast for the current fiscal year to 7% from 6.5% earlier.
- Investors will closely monitor the US inflation data as measured by Consumer Price Index (CPI) ahead of the FOMC interest rate decision.
The Indian Rupee is off to a great start on Monday as traders look forward to the US event. The RBI MPC decided to keep the interest rate steady at 6.50% while also raising the growth forecast for the year. The RBI governor highlighted the resilience of the Indian economy and the positive macro data, providing further support for the Indian Rupee.
Investors will pay close attention to the upcoming US inflation data and the FOMC meeting. Meanwhile, the Indian Rupee is expected to receive support around 83.40.
Daily Digest Market Movers: The Indian Rupee shows strength amidst positive economic data
- RBI governor Shaktikanta Das announced the Monetary Policy Committee’s decision to keep the policy repo rate unchanged at 6.5%
- The Indian economy is resilient with momentum, reflected in the GDP growth for the second quarter
- Retail inflation is estimated at 5.4% in FY24, with projections for Q3 and Q4 as well
- Projected growth rate for India’s GDP in FY24 is 7.0% and growth rates forecast of 6.5% and 6.0% for the third and fourth quarters
- India’s foreign exchange reserves have surpassed the $600 billion mark
- US Nonfarm Payrolls (NFP) rose by 199K and the Unemployment Rate declined to 3.7%
- University of Michigan Consumer Sentiment Index for December arrived at 69.4
Technical Analysis: Indian Rupee trades strongly with a slight positive stance
Indian Rupee continues to trade firmly, showing strength in the market. The USD/INR pair has been within a trading range of 82.80–83.40 since September, indicating a positive stance. For more in-depth analysis, click the link below.