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The rupee retreated on Friday as the dollar and Treasury yields fell. Business activity in India ended the fiscal year on a good note, expanding at the fastest pace in eight months in March, according to HSBC’s India Purchasing Managers Index (PMI). Improving data suggests India is likely to retain its position as the fastest-growing major economy, which could boost the Indian rupee and limit the pair’s upside.
Investors will get more clues from Federal Reserve Chairman Jerome Powell’s speech on Friday. Next week, attention will shift to U.S. fourth-quarter gross domestic product (GDP) annualized data, which is expected to hold steady at 3.2%.
