USD/INR ends 4-day losing streak
FXstreet.com (San Francisco) - USD/INR snapped a four-day losing streak on Wednesday on the back of dollar demand amid a slump in global risk assets ahead of the European Central Bank policy meeting later today.
The session was volatile, with the pair sliding to a 2-month low of 54.17 before ending the session at 54.48 vs. 54.35 late Tuesday.
USD/INR has weakened by more than 2.5% since its peak in June, fueled by improved investor sentiment and on hopes of fresh economic reforms as Indian Prime Minister Manmohan Singh is seen taking a more aggressive approach to the finance ministry.
Investors are eyeing global risk events, including a sale of Spanish debt later in the day, the mentioned ECB meeting where the consensus forecast is for at 25bs cut, and the US monthly jobs report on Friday.
The session was volatile, with the pair sliding to a 2-month low of 54.17 before ending the session at 54.48 vs. 54.35 late Tuesday.
USD/INR has weakened by more than 2.5% since its peak in June, fueled by improved investor sentiment and on hopes of fresh economic reforms as Indian Prime Minister Manmohan Singh is seen taking a more aggressive approach to the finance ministry.
Investors are eyeing global risk events, including a sale of Spanish debt later in the day, the mentioned ECB meeting where the consensus forecast is for at 25bs cut, and the US monthly jobs report on Friday.
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