Indian Rupee trades softer on the rising month-end demand of USD.
India’s GDP for October-December 2023 is expected to slow to 6.5% from 7.6% in the previous quarter.
The US January Core PCE and Indian GDP growth numbers will be the highlights on Thursday.
Indian Rupee (INR) trades in negative territory on Thursday amid increased month-end demand for the US Dollar (USD). Some traders speculate that the Reserve Bank of India (RBI) might be actively acquiring Dollars in recent sessions, which might limit the pair in a tight range. However, robust economic fundamentals, the pullback in oil prices, and moderation in domestic inflation might provide some support to the INR.
The Statistics Ministry will release India’s GDP data for October-December 2023 on Thursday, which is estimated to slow down to 6.5% from 7.6% in the previous quarter. If the report shows a stronger-than-estimated outcome, this could boost the Indian Rupee and weigh on the USD/INR pair.
The US Core Personal Consumption Expenditures Index (Core PCE) for January, the Fed's preferred inflation measure, will be in the spotlight on Thursday. Additionally, US Personal Income, Personal Spending, Pending Home Sales, and the weekly Initial Jobless Claims are also due later in the day. On the Indian docket, the GDP quarterly for Q3 and GDP annual growth numbers on Thursday could provide fresh catalysts for the USD/INR pair.
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