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The Indian rupee (INR) edged lower on Wednesday as rising crude oil prices and a pick-up in demand for the US dollar (USD) weighed on sentiment, leading to a weaker Indian currency. Terrorist attacks in Kashmir further added to the downward pressure on INR. At least 28 people were killed and many others injured when terrorists opened fire on beautiful meadows near the resort town of Paharagam in J&K on Tuesday, marking the deadliest attack since 2019.
Nonetheless, potential portfolio inflows into local equities could help limit losses in INR. Preliminary data on India’s HSBC Purchasing Managers’ Index (PMI) for April will be released later on Wednesday. On the US economic calendar, the preliminary report from S&P Global PMI will be a highlight.
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