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The Indian rupee (INR) traded weak on Tuesday on its first trading day of 2024. The Indian economy is expected to exceed the government’s forecast of 6.5% in fiscal 2024, the Finance Ministry said in its half-year economic review report released on Friday. The Ministry of Finance also said that consumer demand growth is also expected to continue. In addition, the relatively stable Indian rupee and India’s large foreign exchange reserves also enhance the market’s confidence in India’s foreign trade.
The Indian rupee is likely to be affected by dollar volatility this week, while traders will keep a close eye on U.S. labor data due later on Friday, including U.S. non-farm payrolls (NFP), unemployment rate and average hourly earnings.
