Anna 
The Indian Rupee (INR) faced a decline against the US Dollar (USD) on Friday, influenced by a strengthening USD and higher US Treasury bond yields. This development comes amidst notable economic data from India and anticipation surrounding Federal Reserve Chair Jerome Powell’s forthcoming speech.
India’s business activity concluded the fiscal year on a positive note, with the HSBC Flash India Purchasing Managers’ Index (PMI) showing the fastest expansion in eight months during March. This optimistic performance suggests India’s continued status as the fastest-growing major economy, potentially bolstering the INR and curbing gains in the USD/INR pair.
Investors are closely monitoring Powell’s scheduled speech for insights into the future monetary policy direction of the Federal Reserve. Powell’s remarks are anticipated to impact market sentiment and could influence currency pairs like USD/INR.
Looking ahead, focus will shift to the upcoming release of US Gross Domestic Product Annualized (GDP) data for the fourth quarter (Q4). Forecasts indicate stable GDP growth at 3.2%, a metric that will be closely watched by investors for further market cues.
