Indian Rupee trades on a weaker note on Wednesday amid the firmer USD and rising crude oil prices.
Indian economy is expected to grow by 8% this year due to a strong macroeconomic environment, RBI monthly bulletin reported.
The Fed monetary policy meeting will take center stage on Wednesday.
Indian Rupee (INR) loses momentum near its lowest in a month on Wednesday. The downtick of the pair is backed by the stronger US Dollar (USD), rising crude oil prices, and tracking weakness in other Asian peers. However, the positive outlook of the Indian economy might lift the INR and cap the upside of the pair. The Indian economy is expected to grow by 8% this year, owing to a strong macroeconomic environment that can further India’s growth trajectory, according to the Reserve Bank of India’s (RBI) monthly bulletin on Tuesday.
The US Federal Reserve (Fed) interest rate decision will be in the spotlight on Wednesday, with no change in rate expected. Traders will closely watch Chairman Jerome Powell’s press conference and economic projections after the meeting. On Thursday, India’s S&P Global Manufacturing and Services PMI will be due.
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