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The Indian rupee (INR) fell on Friday as the US dollar (USD) attracted some buyers during the session. The Indian economy has shown resilience in the face of the global recession due to its reliance on local demand. Many analysts expect India’s second-quarter gross domestic product (GDP) growth reported by the National Bureau of Statistics to exceed the Reserve Bank of India’s (RBI) forecast of 6.5%.
Meanwhile, oil prices will need to be watched closely as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) hold their next meeting on November 30 to discuss oil supply cuts. Still, India is particularly vulnerable to rising crude oil prices because it is the world’s third-largest oil consumer.
