Ella 
The Indian rupee extended its losses on Thursday. Continued demand for the dollar from importers and uncertainty over India’s general election weighed on the rupee. Foreign outflows from Indian stocks also exacerbated the rupee’s losses. Market participants will be closely watching India’s weeks-long general election, with votes to be counted on June 4. Many analysts believe the rupee could attract some bulls if Prime Minister Narendra Modi’s Bharatiya Janata Party wins the election and continues to pursue growth-friendly policies.
The second estimate of U.S. gross domestic product (GDP) for the first quarter of fiscal 2024 will be released on Thursday. On Friday, the focus will be on the U.S. Core PCE price index for April and India’s GDP for the first quarter of fiscal 2024.
