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The Indian rupee showed a minor pullback on board-based US dollar selling. It hit a high of 84.14 and is currently trading at 83.86.
The policy divergence between the US Fed and RBI put higher pressure on the US dollar.
US dollar index-
US dollar index was one of the worst performers in the past one and half months and lost more than 4% on easing US inflation.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 67.5% from 47% a week ago.
Markets eye FOMC meeting minutes and Fed Chairman Powell's speech at Jackson Hole Symposium.
Major Indian Economic data -
India CPI (Jul) - 3.54% (lowest level in 59 years)
Food inflation- 5.42% Y/Y (the lowest level since Jul 2023)
India’s Industrial Production - 5.2% ( Apr to June) and 4.2% (June 2024)
Technicals-
Major resistance- 84.25
Near-term resistance - 84
Minor support- 83.60, 83.25
Trend reversal level- 83
