Indian Rupee trades flat on the mild losses of the US Dollar.
Indian inflation expectations may edge down, but renewed pressures from cereals and proteins cannot be ruled out, RBI bulletin said.
India’s S&P Global Services PMI, RBI MPC Meeting Minutes, and US S&P Global PMI report will be due on Thursday.
Indian Rupee (INR) trades on a flat note on Thursday amid the modest decline of the Greenback. According to the RBI February bulletin, while inflation expectations in India may stabilize and edge down, renewed pressures from cereals and proteins remain a possibility. Retail inflation in January eased to a three-month low of 5.1% from 5.69% in December. The Reserve Bank of India (RBI) maintained interest rates and its policy stance unchanged while reiterating its commitment to meeting the 4% inflation target on a sustainable basis.
Meanwhile, a rise in oil prices amid the concerns over attacks on ships in the Red Sea and growing expectations that cuts to U.S. interest rates will take longer than thought might lift the safe-haven US Dollar (USD) and cap the downside of the USD/INR pair.
Investors will take more cues from India’s S&P Global Services PMI and RBI MPC Meeting Minutes on Thursday. On the US docket, the S&P Global PMI, weekly Initial Jobless Claims, Existing Home Sales, and the Chicago Fed National Activity Index will be due. Also, the Fed’s Cook, Kashkari, Jefferson, and Harker are scheduled to speak later in the day.
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