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The Indian rupee weakened on Friday on the back of a stronger dollar and higher U.S. Treasury yields. The India Purchasing Managers Index released by HSBC showed that India’s business activities ended the current fiscal year in good shape. In March, the Indian Purchasing Managers Index expanded at the fastest pace in eight months. Improving economic data suggests India is likely to retain its position as the fastest-growing major economy, which could boost the Indian rupee and limit USD/INR upside.
Investors will get more clues from Federal Reserve Chairman Jerome Powell’s speech on Friday. Next week, focus will turn to the U.S. fourth-quarter gross domestic product (GDP) annual rate, which is expected to hold steady at 3.2%.
