The Indian Rupee is holding near record lows although a deep slide in crude oil prices recently is capping the weakness for INR. The local currency trades at 83.46, down 2 paise on the day amid an overall choppy range. WTI Crude oil tanked more than 3% yesterday to test six week low. The Indian manufacturing sector started the first fiscal quarter in high gear, according to the latest HSBC PMI data. With sales expected to remain positive, buying levels were raised and input stocks lifted to one of the greatest extents seen in over 19 years of data collection. Despite falling from 59.1 in March to 58.8 in April, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) signaled the second-best improvement in the health of the sector for three-and-a-half years. The PMI was comfortably above both the neutral mark of 50.0 and its long-run average (53.9).
The US dollar index fell in a volatile session yesterday as highs above the 106 mark failed to sustain after the US Federal Reserve decided to maintain the target range for the federal funds rate at 5.25 to 5.50 percent. Federal Reserve Chair Jerome Powell said it was unlikely that the central bank’s next move will be a rate hike, pulling down the US dollar index in intraday moves. The index currently hovers around 105.52, down 0.10% on the day.
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