Ella 
The Indian rupee (INR) fell on Thursday amid renewed demand for the US dollar. India’s economy is expected to grow 7.3% this fiscal year, beating even the most optimistic expectations of experts, according to the first estimate of national income released by the National Bureau of Statistics in early January. However, concerns over rising inflation and higher crude oil prices amid ongoing geopolitical tensions in the Middle East may limit the Indian rupee’s upside in the near term.
Investors will get more clues from U.S. economic data, which may further influence U.S. interest rate cut expectations. The preliminary annual rate of U.S. fourth-quarter gross domestic product (GDP) will be released on Thursday and is expected to grow by 2.0%.
Indian markets will be closed on Friday for Republic Day. Attention will turn to the release of the US core personal consumption expenditures price index (Core PCE) for December. In addition, India will announce its mid-term budget for the fiscal year 2024-25 (FY25) on February 1.
