Indian Rupee trades on a softer note on Wednesday on USD demand.
The positive outlook for the Indian economy might support the INR and cap the pair’s upside.
Investors will focus on the US March Durable Goods Orders, which are due on Wednesday.
Indian Rupee (INR) is losing its recovery momentum on Wednesday amid US Dollar (USD) demand from importers and bets that US Federal Reserve (Fed) rate cuts are not imminent. Nonetheless, the positive cues from local equities and the optimistic outlook in the Indian economy might boost the INR and limit the pair’s upside in the near term. India's business activity continued to strengthen in April and expanded at its fastest pace in nearly 14 years, owing to strong demand, according to a survey released on Tuesday. The report suggested India is well positioned to be the fastest-growing major economy this year after impressive growth in recent quarters.
The US March Durable Goods Orders are due on Wednesday. Later this week, market participants will keep an eye on the US preliminary Gross Domestic Product (GDP) Annualized for the first quarter, which is estimated to grow 2.5% in Q1. On Friday, the final reading of the US March Personal Consumption Expenditures Price Index (PCE) will be in the spotlight.
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