USD/INR Gains, Focus on India PMI, FOMC Minutes

The Indian rupee (INR) traded lower on Wednesday amid renewed demand for the US dollar (USD). Domestic and foreign investors’ optimistic outlook for the Indian economy has pushed India’s stock market value to rank fifth in the world, second only to Hong Kong.

The Nifty is up 20% in 2023, with more than half of the gains occurring in the past two months. This was driven by faster-than-expected quarterly growth, rising bets on a rate cut by the Federal Reserve in the first half of 2024 and steady participation from the retail sector.

India’s S&P Global Manufacturing Purchasing Managers’ Index (PMI), due out later on Wednesday, is expected to slow to 55.9 in December from 56.0 in November. However, the Indian rupee is likely to be more influenced by US dollar movements this week. Market participants will be closely watching Wednesday’s final U.S. ISM manufacturing PMI report and FOMC meeting minutes. On Friday, the U.S. non-farm payrolls report will be the focus of the week.

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