Indian Rupee attracts some buyers on the softer USD.
The IMF projected the Indian economy to remain strong at 6.5% in both 2024 and 2025.
The FOMC Minutes from the January meeting will be due on Wednesday.
Indian Rupee (INR) gathers strength on Monday amid the decline of the US Dollar (USD). The positive economic outlook of India provides some support to the INR. The International Monetary Fund (IMF) said in its latest World Economic Outlook update that economic growth in India was projected to remain strong at 6.5% in both 2024 and 2025.
While Japan has unexpectedly slipped into a recession, India still shines as a ‘bright spot’ on the global map. The IMF forecasts that India will surpass both Japan and Germany in terms of economic output in 2026 and 2027, respectively. However, the geopolitical tension in the Middle East and economic headwinds might cap the upside of INR and drag the pair lower.
US markets are closed on Monday due to the President's Day holiday. Market participants will keep an eye on the FOMC Minutes from the January meeting, due on Wednesday. The attention will turn to India’s S&P Global Services PMI and RBI MPC Meeting Minutes on Thursday
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