Indian Rupee trades sideways on Monday despite the stronger USD.
Several polls showed the RBI would maintain the repo rate steady at 6.50% in the forthcoming meeting on Friday.
Investors will closely watch the Indian March HSBC Manufacturing Purchasing Managers Index (PMI) data on Tuesday.
Indian Rupee (INR) trades on a flat note on Tuesday despite the firmer US Dollar (USD) following the upbeat US ISM Manufacturing PMI. The Reserve Bank of India (RBI) will schedule its first bi-monthly monetary policy meeting for Wednesday to Friday. Various polls indicate that the RBI will keep the repo rate steady at 6.50% in the upcoming meeting as it weighs robust domestic economic growth prospects amid sticky food inflation, while Fed officials hinted at potential rate cuts later this year. The high-for-longer rate narrative in India might lift the INR and create a tailwind for the USD/INR pair.
Looking ahead, market players will monitor India’s HSBC Manufacturing Purchasing Managers Index (PMI) data on Tuesday, which is projected to remain steady at 59.2 in March. All eyes will be on the RBI interest rate decision and the US March Nonfarm Payrolls on Friday.
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