USD/INR trades higher above 83.20 during the Asian session on Tuesday. The Indian Rupee (INR) may face challenges as a $5 billion RBI swap deal is set
USD/INR could face trouble as RBI $5B swap deal is set to mature on October 23. Traders are concerned about the availability of US Dollars in the Indian banking system. Greenback encounters challenges due to the dovish remarks from several Fed officials. to mature on October 23. This maturity could lead to a dollar shortage in the market as the RBI intends to buy these dollars for its reserves rather than extending the deal.
These comments signal that no further interest rate hikes are anticipated for the remainder of 2023, emphasizing a cautious approach by the central bank and a reluctance to tighten monetary policy in the current economic climate. Federal Reserve Bank of Philadelphia President Patrick Harker echoed this sentiment on Monday, suggesting that the central bank should avoid introducing new economic pressures by increasing borrowing costs.
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