USD/INR posts modest gains during the Asian session on Thursday. The uptick in the pair is supported by the rally of US Dollar (USD) broadly and highe
the US Dollar Index
, a measure of the value of the USD relative to a basket of foreign currencies, climbs to 106.65, the highest since November. The higher for longer rates narrative and risk-averse sentiment are the main drivers of the pair. However, growth risks from the possibility of an imminent government shutdown in the US might cap the upside of the Greenback against its rivals.
On Wednesday, the US Census Bureau reported that the US Durable Goods Orders rebounded in August, rising 0.2% m/m from a 5.6% drop in the previous reading, against expectations of a 0.5% m/m fall. Additionally, Durable Goods Orders ex Transportation rose by 0.4% m/m, a better than expected of 0.1% rise. Core capital goods orders rose 0.9% from the previous reading of a 0.4% drop, above the market consensus of 0%.
On the other hand, the Reserve Bank of India is likely to maintain a status quo on interest rates for the fourth consecutive time at its upcoming monetary policy meeting scheduled for October 4-6. The benchmark repo rate was lifted to 6.
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