Rupee Under Pressure as Dollar Gains Strength

The Indian rupee (Symbol: USDINR) is expected to open on the back foot as the U.S. dollar continues to strengthen, driven by growing expectations that the Federal Reserve will deliver a smaller rate cut next month. With Indian markets closed for a public holiday, the market open reflects two days of global market shifts, and the pressure on the rupee is evident. The strength of the dollar stems from U.S. private payroll data, which showed stronger-than-expected job growth. This led market participants to believe that the upcoming non-farm payroll report in which will also reflect a robust labour market. As a result, the U.S. dollar index (Symbol: USDX) has risen for four straight sessions, touching a three-week high.

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