Indian Rupee recovers its recent losses despite the firmer US Dollar.
The robust Indian economic outlook could strengthen the INR amid slowing global economy and multiple challenges.
Investors will closely watch the US February PCE data on Friday, despite the markets are closed for Good Friday.
Indian Rupee (INR) extends its recovery on Wednesday despite renewed US Dollar demand (USD). The rebound of INR from its record low level is supported by the likely intervention from the Reserve Bank of India (RBI) to curb sharp swings in the Indian Rupee.
Against the backdrop of a slowing global economy and geopolitical headwinds, India's strong economic performance stands out. Foreign portfolio investors turning net buyers in February and Foreign Direct Investment (FDI) inflows are expected to accelerate, according to the monthly economic review report from the Ministry of Finance. The positive Indian economic outlook could boost the INR and limit the USD/INR’s upside.
The US Gross Domestic Product Annualized (Q4) will be due on Thursday. The growth rate is forecast to remain steady at 3.2%. Investors will closely watch the US February Personal Consumption Expenditures Price Index (PCE) data on Friday. The markets will be closed on Friday for Good Friday.
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