The Indian Rupee (INR) ticks up against the US Dollar (USD) at open on Thursday. The USD/INR pair edges lower to near 88.15 as the Indian government has revised Goods and Services Tax (GST) rates lower to boost consumption.
The dollar is drifting higher in quiet conditions. Weekend news about US tariffs being ruled illegal has not had much impact so far. US Treasury yields have been marked a couple of basis points higher, and US equity futures are slightly lower, ING's FX analyst Chris Turner notes.
The dispute over Lisa Cook, the Fed governor dismissed by Trump, continued yesterday. The US Vice President emphasised that Trump should have the right to dismiss governors.