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Commodity

Commodity Analysis

Pre Session Commentary

 
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Indian Rupee: INR Supported In Thin Trades
(25-Apr-2024, 08:22 Hours IST)  
The Indian rupee saw thin movement on Wednesday as supportive risk sentiment capped the downside for the local currency while a bounce in crude oil arrested the strengthening. The INR closed at 83.33 per US dollar, almost unchanged on the day. The US dollar index stays in a sluggish mode after falling under 106 mark and supported the INR. Meanwhile, the economic cues remain firm. Reserve Bank Of India (RBI) has stated in a latest monthly update that in India, conditions are shaping up for an extension of a trend upshift in real GDP growth, backed by strong investment demand and upbeat business and consumer sentiments. CPI inflation has gravitated to 4.9 per cent in March after averaging 5.1 per cent in the preceding two months. In the near term, however, extreme weather events may pose a risk to inflation along with prolonged geo-political tensions that could keep crude oil prices volatile.

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