Ella 
The Indian rupee (INR) edged lower on Thursday despite losses against the US dollar index (DXY). As the Reserve Bank of India (RBI) continues to intervene in currency markets, economists expect USD/INR to trade within a narrow range in the coming months and rise modestly over the course of the year.
On Wednesday, Reserve Bank of India Governor Shaktikanta Das said the Indian economy is expected to grow by more than the central government’s second estimate of 7.6% in the current fiscal year (FY24) and may be closer to 8.0%. India’s strong domestic economic growth and stable external macro environment have provided support for the strengthening of the Indian rupee. However, rising U.S. Treasury yields and a rebound in oil prices could boost the U.S. dollar (USD) and limit the pair’s downside.
U.S. weekly jobless claims and trade balance will be released on Thursday, along with Chairman Powell’s second testimony and Fed Mester’s speech. On Friday, attention will shift to the closely watched U.S. nonfarm payrolls data, with job creation expected to rise to 200,000 in February from 353,000 in January.
