Lower oil prices and caution over upcoming US Nonfarm Payrolls data keep the Indian Rupee steady against the Dollar.
The Indian Rupee (INR) remains range-bound near 94.60 against the US Dollar (USD) as investors await key US employment data. The USD/INR pair has shown little direction for two weeks amid broader USD strength, with the US Dollar Index (DXY) up 0.2% to 101.32.
US Nonfarm Payrolls (NFP) data for June, due Thursday, is expected to show 110K new jobs, below May’s 172K. The unemployment rate is forecast to hold at 4.3%. Earlier data, including JOLTS Job Openings, is projected to drop to 7.3 million from 7.618 million in April.
Markets are also monitoring remarks from Fed Chair Kevin Warsh, who signaled a reluctance to provide forward guidance, heightening focus on the NFP release.