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The Indian rupee (INR) traded lower on Tuesday amid a modest rebound in the US dollar. India’s fourth-quarter GDP grew 8.4% year-on-year, the fastest growth in 18 months. Additionally, most high-frequency indicators continue to grow, showing signs of recovery in economic activity.
Additionally, most high-frequency indicators continue to improve, pointing to strong economic activity. Paul Gruenwald, global chief economist at S&P Global Ratings, said there may be an upside surprise in global economic growth, so he sees no headwinds for India in the next fiscal year. big.
Market participants will pay close attention to India’s S&P Global Services Purchasing Managers’ Index and the United States’ February ISM Services Purchasing Managers’ Index released on Tuesday. Later this week, Federal Reserve Chairman Jerome Powell will give testimony on Wednesday, and U.S. non-farm payrolls (NFP) data will be released on Friday.
