Ella 
The Indian rupee (INR) had a lackluster performance on Monday. The Indian rupee’s gains were supported by data showing much higher-than-expected gross domestic product (GDP) growth in the October-December quarter. India’s economy grew at its fastest pace in a year and a half in December, with the economy expanding at 8.4% against expectations of 6.6%.
On the other hand, recovering dollar demand and the prospect of delaying expected rate cuts by the Federal Reserve (Fed) may weigh on the Indian rupee in the near term. Still, analysts said the Indian rupee is likely to remain within a narrow range this year as the Reserve Bank of India (RBI) closely monitors foreign exchange markets and intervenes if necessary to prevent excessive currency swings.
India’s S&P Global Services Purchasing Managers’ Index for February will be released on Tuesday. Investors will be closely watching testimony from Federal Reserve Chairman Jerome Powell on Wednesday, which could provide some hints about the overall outlook for the economy and monetary policy. U.S. employment data will be released on Friday, including nonfarm payrolls (NFP), average hourly earnings and the unemployment rate.
