Ella 
The Indian rupee (INR) strengthened on Thursday on the back of a drop in the US dollar following the Federal Reserve (Fed) monetary policy meeting. As widely expected, the Federal Reserve kept interest rates steady at its March meeting. However, dovish comments from Fed Chairman Jerome Powell at the press conference created some selling pressure on the US dollar and were bearish for USD/INR.
Next, traders will pay close attention to the HSBC India Manufacturing and Services Purchasing Managers Index (PMI) released on Thursday. Weaker-than-expected data could weigh on the Indian rupee and limit the pair’s downside. In the United States, preliminary data on the S&P Global Purchasing Managers Index for March, initial jobless claims last week and existing home sales will be released later.
