Ella 
The Indian rupee rose on Friday as the US dollar weakened slightly.
Foreign inflows into Indian bonds are likely to boost the Indian rupee, while rising crude oil prices are likely to weigh on it.
The preliminary PMI data for India and the US for June will be released on Friday.
The Indian rupee (INR) rose on Friday as the US dollar weakened slightly. A large inflow of funds into the Indian bond market ahead of India’s inclusion in the JPMorgan Emerging Markets Bond Index at the end of this month is likely to boost the local currency in the short term.
On the other hand, renewed interest in the US dollar by local importers, possible capital outflows and a weaker yuan are likely to put some selling pressure on the Indian rupee. Also, a rebound in crude oil prices is likely to weigh on the Indian rupee as India is the world’s third-largest crude oil consumer. Investors will be keeping a close eye on the preliminary HSBC Purchasing Managers’ Index (PMI) for India on Friday. Also, the US S&P Global PMI report for June is also due to be released.
