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The Indian rupee weakened on Thursday amid renewed demand for the dollar. Still, markets expect U.S. interest rates may have peaked and the Federal Reserve will ease policy rates next year. The possibility of a rate cut by the Federal Reserve in mid-2024 could drag down U.S. Treasury yields, benefiting the Indian rupee. The Reserve Bank of India (RBI) is likely to maintain its policy stance at its December meeting as October inflation data stayed within the RBI’s 2-6% target range for the second consecutive month.
Investors will focus on U.S. initial jobless claims for last week, which will be released later on Thursday. Meanwhile, the Indian rupee remains vulnerable to rising crude prices as India is the world’s third-largest oil consumer.
