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The Indian rupee continued to weaken on Thursday, while the US dollar strengthened across the board. Santanu Sengupta, chief India economist at Goldman Sachs Group Inc., said the positive outlook for India is fueled by expectations of large inflows of foreign capital, especially as the Reserve Bank of India (RBI) continues to capitalize on every possible opportunity. Money flows in and currency reserves are built.
India’s economy grew at 6.5% in 2023, outpacing most major countries. However, judging from the global economic situation, the economic road ahead may be full of challenges. Additionally, the 2024 mid-term Indian general elections will also be closely watched as this may affect investor sentiment.
Later on Thursday, U.S. ADP payroll changes and last week’s initial jobless claims will be released. The focus this week will be on U.S. employment data, including the much-anticipated U.S. Non-Farm Payrolls (NFP) data. Nonfarm payrolls are expected to increase by 170,000 in December, compared with 199,000 in November.
