The Indian rupee may come under pressure on Monday, after a tentative deal to raise the U.S. debt ceiling made it likely that the U.S. Federal Reserve will raise rates next month.
Non-deliverable forwards indicate the rupee will slightly lower from the previous session's level of 82.575 per U.S. dollar.
a budget agreement with House Speaker Kevin McCarthy to suspend the existing debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote.Rupee on Friday managed a recovery on back of position adjustments and inability of USD/INR to move convincingly above 82.80, traders said. Portfolio inflows on the equity side have been robust, helping the rupee.
U.S. consumer spending increased more than expected in April and inflation picked up, increasing chances of a Fed rate hike in June.
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