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The rupee weakened on May 31 as a firmer U.S. dollar, supported by the Fed's higher-for-longer stance, pressured emerging Asian currencies. Traders awaited Indian GDP data and U.S. core PCE inflation, and the U.S. first-quarter GDP estimate was revised down to 1.3%.
A stronger dollar and a weaker rupee make dollar-priced imports costlier for India, which can dampen demand for feed ingredients. Lower crude prices partly cushion the rupee.
fxstreet.comLallalit SrijandornMay 31, 2024Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, DXY moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
