Indian Rupee trades on a softer note on the renewed USD demand.
India is expected to achieve real GDP growth of at least 6–6.5% in the long term, according to a Deutsche Bank report.
The US Gross Domestic Product (GDP) for the fourth quarter (Q4) will be released later on Wednesday.
Indian Rupee (INR) edges lower on Wednesday amid the modest recovery of the US Dollar (USD). The pair is likely to remain in a tight range due to USD inflows from importers and the potential intervention by the Reserve Bank of India (RBI).
According to the Deutsche Bank report, the Indian economy has shown remarkable resilience, with growth momentum holding up significantly better than expected despite the Russia-Ukraine war last year. Furthermore, India is anticipated to achieve real GDP growth of at least 6–6.5% over the long term. This is considerably higher than in similar developing nations. Investors will take more cues from the Indian GDP annual growth numbers on Thursday, followed by the S&P Global Manufacturing PMI for February on Friday. If the reports show stronger-than-expected results, this might boost the INR and act as a headwind for the USD/INR pair.
Investors will monitor the US Gross Domestic Product (GDP) for the fourth quarter (Q4), due on Wednesday, along with preliminary Goods Trade Balance, Fed’s Bostic, Collins, and Williams speeches. The attention will shift to the Core Personal Consumption Expenditures Price Index (PCE), the Fed's preferred inflation gauge, due on Thursday.
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