In a light trading session on June 12, the Indian rupee ended with little change against the US dollar as investors awaited important CPI data and US Fed policy. The local currency increased 0.04 percent from its previous close of 82.47 to close at 82.43 for every dollar. The starting price of the currency was 82.46 per dollar.
Additionally, traders are anticipating US inflation data and rate announcements from the Federal Reserve, European Central Bank, and Bank of Japan later this week. It would be tough for the Fed to turn dovish and discuss cuts after the central banks of Australia and Canada unexpectedly raised interest rates last week, economists predicted.
“The market anticipates at least one increase at the meeting in either June or July. A hawkish stance could encourage the US DXY to climb towards levels of 104.50–105. Following the Fed, the ECB on Thursday and the BoJ on Friday are scheduled to announce their monetary policy decisions, according to Amit Pabari CR Forex.
There were mixed currency trades throughout Asia. The Singapore dollar, Japanese yen, and Hong Kong dollar all increased by 0.1 percent, while the South Korean won increased by 0.27 percent. China’s yuan and Indonesia’s rupiah both had 0.15 percent declines, Malaysia’s ringgit fell by 0.13 percent, and the Taiwan dollar dropped by 0.07 percent.
The dollar index, which gauges the strength of the US dollar versus various currencies, was down 0.24 percent from its previous finish of 103.557 and was trading at 103.30.
