USDINR Stays Upbeat Ahead Of Jobs Report

Published on Jul 07, 2023 17:11

USDINR kept momentum upbeat through the day as dollar held near three week highs ahead of much awaited jobs data due later today. Rupee stayed pressured against the dollar ahead of the crucial non-farms payroll data. Besides, elevated crude oil prices also added to rupee woes. The pair ended the day at 82.78, up 0.32% on the day.

The dollar index was mostly in tight range through the day, keenly awaiting jobs data to confirm further direction. The release follows data on Thursday that showed private payrolls surged last month, while the number of Americans filing new claims for unemployment benefits increased only moderately last week, suggesting the jobs market remains strong. Buoyant benchmark US treasury yields firming above 4% is also holding the dollar around 103 mark.

Meanwhile, in the spot market, rupee depreciated further by 13 paise to close at 82.73 (provisional) against the US dollar on Friday, weighed down by losses in domestic markets and a rise in crude oil prices. During the day, the rupee touched a high of 82.63 and a low of 82.75 against the greenback.