The Indian rupee opened stronger against the US dollar on Friday, influenced by weaker-than-expected US Consumer Price Index data. It appreciated by 2 paise, starting at 83.96 compared to Thursday’s close of 83.98. This adjustment followed a slight decrease in the dollar index.
Weaker US inflation figures contributed to the rupee’s strength. The Core CPI in the US rose by 0.3% in September, repeating its increase from the previous month. Despite expectations for moderating inflation, this steady rise sparked discussions regarding the Federal Reserve’s upcoming monetary policy decisions.
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Concerns about the US economy intensified following a recent report on jobless claims, which suggested potential weaknesses in the job market. This has led to speculation about whether the Federal Reserve might implement a minor rate cut next month or choose to pause rate adjustments after a significant cut in September.
Meanwhile, the dollar index saw a minor dip to 102.92, and US 10-year Treasury yields also fell slightly to 4.065%. These movements reflect ongoing uncertainties in the US financial markets, influenced by domestic economic indicators and global geopolitical tensions.
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Brent crude oil prices experienced a slight decline, trading at $79.17 per barrel amid rising tensions in West Asia, particularly after recent military actions in Lebanon by Israel. This geopolitical situation continues to influence global oil markets and economic sentiment.
