USD/INR EXTENDS RECOVERY, ALL EYES ON US GDP DATA
- Indian Rupee trades with mild negative bias on Thursday.
- The INR’s downside might be capped, owing to a further decline in crude oil prices.
- Market players will closely monitor the US preliminary GDP growth number for the first quarter (Q1).
Indian Rupee (INR) extends its downside on Thursday despite the decline of the US Dollar (USD). The growing speculation that the US Federal Reserve (Fed) will delay interest rate cuts boosts the Greenback against its rivals. Nonetheless, the upside of the pair might be limited due to a further decline in crude oil prices amid easing tensions about a wider fallout between Iran and Israel.
Investors will closely monitor the US preliminary Gross Domestic Product (GDP) Annualized for the first quarter (Q1). The report could offer a clue of how strongly the US economy is growing and point to the Fed's next move. On Friday, the final reading of the US March Personal Consumption Expenditures Price Index (PCE) will be a closely watched event. Apart from this, India’s general election, which started on 19 April and will run until 1 June, will be in the spotlight.
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