Ella 
The Indian rupee rebounded on Thursday on a weaker US dollar.
Renewed US dollar selling and possible foreign exchange intervention by the Reserve Bank of India provided support to the Indian rupee.
Any developments around changes in India’s structural reforms could weigh on the Indian rupee.
The US weekly initial jobless claims and trade balance will be released later on Thursday.
The Indian rupee (INR) recovered on Thursday amid a weaker US dollar (USD). The Indian rupee closed stronger on Wednesday as foreign banks sold the dollar and the Reserve Bank of India (RBI) could intervene. Moreover, investors began pricing in two rate cuts by the Federal Reserve (Fed) this year, which weighed on the dollar and was bearish for the pair.
The US weekly initial jobless claims and trade balance will be released on Thursday. Investors will be closely watching the Reserve Bank of India’s interest rate decision on Friday, with no change in rates expected. Moreover, US non-farm payrolls data will also be in focus. Stronger-than-expected data could boost USD/INR and limit its downside. Meanwhile, India faces multiple headwinds from political changes and lackluster PMI data. Any changes in India’s structural reforms could put some selling pressure on the Indian rupee.
