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The dollar fell on Thursday, but the Indian rupee still attracted some sellers. Since India is the world’s third largest oil consumer, the continued rebound in crude oil prices has put some pressure on the Indian rupee. However, India’s downside may be limited as the odds of a rate cut by the Federal Reserve in September increase, which may weigh on the dollar and U.S. bond yields.
Later on Thursday, investors will focus on last week’s U.S. jobless claims data and the Philadelphia Fed manufacturing index. In addition, Federal Reserve Chairman Lorie Logan will also deliver a speech. If Fed officials make dovish remarks, they may continue to suppress the dollar in the short term.
