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The Indian rupee (INR) rose on Thursday on the back of strong foreign capital inflows into the country. On Wednesday, Indian Prime Minister Narendra Modi said that India will become one of the three largest economies in the world. Modi acknowledged that the decade of India’s economic development has been a decade of structural reforms, which have improved India’s capabilities and competitiveness in the face of global headwinds.
The highlight on Thursday will be a report on U.S. inflation, measured by the Consumer Price Index (CPI). Stronger-than-expected inflation data could boost the dollar and potentially delay interest rate cuts from the Federal Reserve. On Friday, market focus will turn to India’s December CPI, industrial production and manufacturing output.
