Anna 
On Thursday, the Indian Rupee (INR) experienced an uptick, reaching its strongest level in over six weeks. The increase in the Indian currency was attributed to US Dollar (USD) sales from both local and foreign banks. The Federal Reserve (Fed) maintained the benchmark Federal Funds Rate in January, and Fed Chair Jerome Powell emphasized that upcoming inflation data would determine the timing of any rate cuts.
In a report titled “The Indian Economy: A Review,” V Anantha Nageswaran, India’s Chief Economic Advisor, highlighted that macroeconomic stability would contribute to India’s robust economic growth. The Reserve Bank of India (RBI) forecasts a GDP growth of 7.4% in FY24, with a slight decline in headline inflation. Resilient service exports and reduced oil import costs were identified as factors supporting this positive economic outlook.
Finance Minister Nirmala Sitharaman presented India’s Interim Budget 2024–25 on Thursday, outlining several initiatives. These include support for cervical cancer prevention vaccination for girls, measures to boost farmer income, promotion of private and public investment in post-harvest activities, and the formulation of a strategy for oilseed.
Looking ahead, market participants are anticipating key economic indicators, including the US weekly Initial Jobless Claims and ISM Manufacturing PMI. The US Nonfarm Payrolls (NFP) report on Friday is expected to be another highlight, shaping market sentiment as traders assess the broader economic landscape.
