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Rupee Steady: RBI and US Payroll Data in Focus
2 Jun
Summary
- Indian rupee held steady, supported by state-run bank dollar sales.
- Markets await crucial US non-farm payroll data and RBI monetary policy.
- Analysts anticipate the RBI to maintain the current repo rate.
The Indian rupee showed little movement against the US dollar on Monday, closing at 95.00. Interventions by state-run banks, likely acting on behalf of the central bank, helped maintain the rupee's stability in a narrow trading range. The currency fluctuated between 95.03 and 94.72 during the day.
Market participants are now keenly focused on the release of US non-farm payroll data, scheduled for Friday. This economic indicator is crucial for the US Federal Reserve's interest rate policy decisions. Additionally, traders are awaiting the Reserve Bank of India's monetary policy announcement on June 3, where the repo rate is widely expected to remain unchanged at 5.25%. The rupee has experienced depreciation in the past fiscal year but has shown a slight appreciation from its recent record low. The Reserve Bank of India's actions, alongside global economic indicators, will continue to influence the currency's trajectory.
