Indian Rupee recovers some lost ground on the softer US Dollar.
The Fed remains on hold; dovish comments from Fed’s Powell during the press conference weighed on the Greenback.
Market players await the Indian HSBC PMI and US S&P Global PMI data on Thursday.
Indian Rupee (INR) trades on a stronger note on Thursday amid the decline of the US Dollar (USD) after the Federal Reserve's (Fed) monetary policy meeting. The Fed held interest rates steady at its March meeting, as widely expected by the markets. Nonetheless, the dovish comments from Fed Chair Jerome Powell during the press conference have exerted some selling pressure on the Greenback and created a headwind for the USD/INR pair.
Moving on, traders will keep an eye on the Indian HSBC Manufacturing and Services Purchasing Managers Index (PMI), due on Thursday. The weaker-than-expected data might weigh on the INR and cap the pair's downside. On the US docket, the preliminary S&P Global PMI for March, the weekly Initial Jobless Claims, and Existing Home Sales will be released later.
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