Forex News: Indian Rupee Rises To 2-day High Against U.S.

Indian Rupee Rises To 2-day High Against U.S. Dollar

(RTTNews) - The Indian rupee strengthened against the U.S. dollar in the European session on Thursday, as India's wholesale price inflation has increased, markets focused on the trajectory of interest rates.

Data from the Ministry of Commerce and Industry showed India's wholesale price inflation accelerated sharply in April due to higher costs for crude oil caused by the impact of the Middle East war. The wholesale price index climbed 8.30 percent year-over-year in April, much faster than the 3.88 percent rise in March. Moreover, this was the highest inflation rate since October 2022.

Month-on-month, wholesale prices climbed 3.86 percent after rising 1.52 percent in March.

The upward trend in April was attributed to a spike in prices of mineral oils, crude petroleum and natural gas, basic metals, and other manufacturing and non-food articles, the ministry said.

Official data revealed on Tuesday that consumer price inflation rose to 3.48 percent in April from 3.40 percent in March. Last month, the Reserve Bank of India left its policy repo rate unchanged at 5.25 percent.

Against the U.S. dollar, the rupee rose to a 2-day high of 95.35 from an early record low of 95.89.

The rupee traded lower earlier near 95.80, close to its all-time low of 95.88 on Wednesday, given the continuous withdrawal of foreign investment from the Indian stock market and the continuously rising oil prices. The price of WTI Oil is unchanged at about $97 in Asian trade, although it has already increased by about 69% this year.

If the rupee extends its uptrend, it is likely to find resistance around the 94.00 region.

Looking ahead, Canada new motor vehicle sales for March, wholesale sales data for March, U.S. retail sales for April, Export and import prices for April, U.S. weekly jobless claims data and U.S. retail and business inventories for March are slated for release in the New York session.

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