USD/INR EXTENDS GAINS AHEAD OF FED POWELL’S SPEECH
- Indian Rupee loses traction on Friday on the softer USD, and lower US bond yields.
- The positive outlook in the Indian economy might boost the INR and cap the pair’s upside.
- Investors await Fed Chair Jerome Powell’s speech on Friday for fresh impetus.
Indian Rupee (INR) weakens on Friday amid the rise of the US dollar (USD) and higher US Treasury bond yields. According to the HSBC Flash India PMI, India's business activity ended the fiscal year on a good note, expanding at its fastest pace in eight months in March. This improvement in data suggests India is likely to continue its position as the fastest-growing major economy, which might boost the INR and cap the upside of the pair.
Investors will take more cues from Fed Chair Jerome Powell’s speech on Friday. Next week, attention will shift to the US Gross Domestic Product Annualized (GDP) for the fourth quarter (Q4), which is forecast to remain steady at 3.2%.
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