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The Indian rupee weakened on Friday as demand in the United States picked up. Upbeat U.S. inflation data on Thursday boosted the dollar as investors now believe the Federal Reserve is likely to delay its first interest rate cut.
Prime Minister Narendra Modi said on Wednesday that India will be among the world’s top three economies, while Reserve Bank of India (RBI) Governor Shaktikanta Das stressed that, With all key indicators of scheduled commercial banks (SCBs) improving over the past four years, the Indian banking system is well-positioned to support India’s economic growth.
Investors will be closely watching the U.S. Producer Price Index (PPI) for December due later on Friday. It is estimated that PPI will increase by 1.3% year-on-year. In addition, Federal Reserve Chairman Neel Kashkari will deliver a speech. In India, December CPI, industrial production and manufacturing output will be released.
