Ella 
The Indian rupee remained lower on Thursday, even as the dollar weakened and oil prices fell. Reserve Bank of India (RBI) Governor Das on Wednesday said the Indian rupee has shown moderate volatility and orderly moves compared to other peers despite higher US Treasury yields and a stronger dollar. However, the RBI will continue to closely monitor external financial factors that may affect the value of the Indian rupee and the country’s balance of payments.
In addition, RBI Governor Das expressed optimism about the Indian economy as it has shown resilience despite the global economic slowdown, mainly due to its reliance on domestic demand. Das expects India’s real GDP to grow by 6.5% between 2023-24 and 2024-25 on strong economic growth, making it among the world’s fastest-growing large economies.
Markets remained subdued on Thursday as traders prepared for the U.S. Thanksgiving holiday. On Friday, market focus will turn to U.S. S&P Global Purchasing Managers Index data. Meanwhile, foreign fund outflows and rising oil prices may limit the Indian rupee’s upside in the near term.
