Indian Rupee trades on a positive note on the weaker USD on Friday.
The uptick in INR is bolstered by interbank USD sales and easing Middle East tensions.
The final reading of the US March Personal Consumption Expenditures Price Index (PCE) will be the highlight on Friday.
Indian Rupee (INR) extends the rally on Friday, bolstered by interbank US Dollar (USD) sales. The softer USD against key rivals overseas and easing geopolitical tensions in the Middle East also supported the local currency. However, the recovery in crude oil prices and foreign capital outflows might weigh on the INR. Additionally, a hawkish repricing of US Federal Reserve (Fed) rate cut expectations amid elevated inflation will continue to boost the USD and cap the pair’s downside.
Market players will keep an eye on the final reading of the US March Personal Consumption Expenditures Price Index (PCE), which might offer some hints about the inflation trajectory in the US and point to the Federal Reserve's (Fed) next move. Apart from this, India’s general election, which started on 19 April and will run until 1 June, will be closely watched.
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