- INR ended slightly short of Rs 80 a USD mark on Friday after falling to a record low this week amid sell off in riskier assets.
- USD exhibits broad strength as expectation of more fed rate hike builds after US inflation, as measured by consumer prices rose to 9.1% year on year in June, ahead of the 8.8% expectation.
- Hawkish comments from Federal Reserve speaker Bostic further boosted expectations that Fed will raise interest rates at a faster pace. The market is now expecting a 100 basis point rate hike in July, up from 75 basis points earlier.
- India’s June wholesale inflation held above 15% but was down slightly from 15.88% recorded in September. Hot inflation strengthens the chances of another rate hike from the Reserve Bank of India.
- Data released on Thursday showed India's merchandise trade deficit widened to a record high of USD 26.18 billion in June on account of high oil imports, thus adding to the pressure on the rupee.
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