USD/INR LOSES ITS RECOVERY MOMENTUM, INDIAN, US PMI DATA EYED
- Indian Rupee trades on a stronger note amid the decline of USD.
- The pace of Indian GDP growth was the strongest among major economies last quarter.
- India’s S&P Global Manufacturing PMI and the US ISM Manufacturing PMI Index will be the highlights on Friday.
Indian Rupee (INR) recovers some lost ground on Friday. However, the US Dollar (USD) demand from foreign and state-run banks might cap an uptick of the pair. The pace of GDP growth in the Indian economy was the strongest among major economies last quarter. Prime Minister Narendra Modi's administration has been swiftly attracting multinational corporations to establish factories in the country while spending billions of dollars to improve highways, ports, airports, and trains.
The International Monetary Fund (IMF) forecast India's GDP will grow by 6.5% in 2024. Nonetheless, the rebound in oil prices and elevated domestic inflation might cap the upside of the USD/INR pair.
Investors will focus on India’s S&P Global Manufacturing PMI ahead of the US ISM Manufacturing PMI Index, due on Friday. Also, Fed’s Williams, Logan, Waller, Bostic, Daly, and Kluger are set to speak later in the day. The stronger-than-expected US PMI data might trigger speculation about the delay of interest rate cuts, which will provide some support to the Greenback and USD/INR.
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