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Weaker dollar pushes INR higher on Tuesday
Indian fund inflows are likely to boost the INR, while weakness in major Asian currencies and higher oil prices are likely to limit upside for the INR.
Traders await the Chicago Fed National Activity Index, Consumer Confidence Index, and speeches by Fed officials Cook and Bowman on Tuesday.
The Indian rupee (INR) gained on Tuesday, helped by a broad-based decline in the US dollar. Strong inflows related to the inclusion of Indian bonds in the JPMorgan Emerging Markets Debt Index are likely to support the INR. However, upside for the INR is likely to be limited by a fall in major Asian currencies such as the Chinese yuan and the Japanese yen. Also, as India is the world’s third-largest oil consumer after the United States and China, rising crude oil prices driven by strong summer demand are likely to weigh on the INR.
The Chicago Fed National Activity Index and Consumer Confidence Index for May will be released on Tuesday. Also, Fed officials Lisa Cook and Michelle Bowman will deliver speeches. Later this week, investors will shift their focus to key US economic data. The final reading of U.S. first-quarter gross domestic product (GDP) will be released on Thursday, and the personal consumption expenditures (PCE) price index for May will be released on Friday.
