AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

MUMBAI: The Indian rupee, on Thursday, will be looking to build on recent momentum in the lead-up to US inflation data that will hold cues on when the Federal Reserve will kick off rate cuts.

Non-deliverable forwards indicate the rupee will have a flat to slightly higher opening, compared with its close of 83.0350 in the previous session.

The rupee is on a six-day winning run and reached a near one-month-high late in Wednesday’s session.

“For me, what happened late yesterday is notable. You can say that, after a long time, there is momentum on one side,” a forex trader at a bank said.

“Today’s session is important. Let’s see if there is appetite to push (USD/INR) lower before the US inflation number, or maybe there will be more inflows.”

Indian rupee drops on weak Asian cues, position trimming

The US inflation update is expected to show headline consumer prices rose 0.2% month-on-month in December, while the core measure increased 0.3%.

On a year-on-year basis, core prices are estimated to have increased by 3.8%, compared to a 4% rise in November, providing more evidence of easing inflation.

Banking on this, investors have priced in a series of Federal Reserve rate cuts this year.

The only uncertainty is the timing of the first one, with futures pricing in a high probability of a kick-off in March, although some economists think it will be in May.

“The latest decent US job figures suggest there’s no need for an imminent reduction and it’s one of the reasons why we think we’ll be waiting until May,” ING Bank said in a note.

The dollar was struggling before the data.

The dollar index was down and Asian currencies were up 0.1% to 0.4%.

Comments

Comments are closed.