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Category: CRYPTO NEWS
The post USD/INR strengthens ahead of US PCE inflation data appeared on BitcoinEthereumNews.com. The Indian Rupee softens in Friday’s Asian session. Month-end US Dollar demand, fears of a global trade war and higher oil prices weigh on the INR. The US February PCE inflation data will take center stage later on Friday. The Indian Rupee (INR) remains weak on Friday, pressured by month-end US Dollar (USD) demand from importers. US President Donald Trump late on Wednesday announced a 25% tariff on automotive imports, set to take effect on April 2. This, in turn, lifts the Greenback and undermines the Indian currency. Rising crude oil prices also contribute to the INR’s downside as India is the world’s third-largest oil consumer. However, positive domestic markets and foreign fund inflows might help limit the local currency’s losses. Investors will keep an eye on the US February Personal Consumption Expenditures (PCE) data, which is due later on Friday. This report could offer some hints about the trajectory for further rate cuts after the Federal Reserve’s (Fed) decision last week to hold its benchmark interest rate steady. Indian Rupee weakens amid month-end US Dollar demand The Indian economy is estimated to achieve a growth of 6.5% in FY25 despite considerable external headwinds, according to the Department of Economic Affairs (DEA), Ministry of Finance. Trump’s threat to impose 25% tariffs on all goods entering the US from countries importing Venezuelan gas or oil, brandished on Monday, could have disastrous consequences for the Indian economy, per Le Monde. Trump said that tariffs will likely be more “lenient than reciprocal,” as next week’s tariff deadline looms for a number of levies to go into effect. The US economy expanded at an annual 2.4% pace in the final three months of 2024, the third release of the figures from the Bureau of Economic Analysis showed Thursday. This figure came in slightly better…
2025-03-28T03:41:06+00:00