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Wallstreetcn: Indian Rupee hit by "risk-off + oil price" double whammy, USD/INR expected to open Friday trading between 94.84-94.88
The Indian Rupee quickly gave back gains after hitting a more than six-week high of 94.30. Traders expect the USD/INR to trade in the 94.84-94.88 range on Friday's open, following a close of 94.8175 in the previous session. The Rupee faces dual pressure from global capital flowing into safe-haven assets like U.S. Treasuries and the Japanese Yen, coupled with Brent crude approaching $115 per barrel. An ING report notes that market pricing logic is shifting from "inflation panic" to "growth panic," and defensive rotation has begun. Rising oil prices directly worsen India's terms of trade, with increased hedging demand from importers driving dollar purchases.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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