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The Indian rupee gained slightly ahead of Powell's speech at the Jackson Hole symposium. It hit a low of 83.89 yesterday and is currently trading at 83.896.
The policy divergence between the US Fed and RBI puts pressure on the US dollar at higher levels.
RBI minutes-
RBI's minutes show that most of its members voted to keep policy rates unchanged at 6.50%. RBI Governor stated that the increase in food inflation is a factor of concern.
PMI data (India)
The preliminary HSBC India PMI declined to 57.9 in August from 58.1 in July. Services PMI surged to 60.4 in August before 60.3.
US dollar index-
The US dollar index trades flat ahead of the Jackson Hole symposium. It hit a low of 100.92 and is currently trading around 101.34.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 73.5% from 62% a week ago.
Technicals-
Major resistance- 84.25
Near-term resistance - 84
Minor support- 83.60, 83.25
Trend reversal level- 83
