Ella 
The Indian rupee (INR) edged lower on Thursday amid rising demand for the U.S. dollar from oil-importing countries and hawkish comments from Federal Reserve officials. Additionally, continued weakness among Asian peers will continue to weigh on the Indian rupee. However, the Reserve Bank of India’s (RBI) intervention in the foreign exchange market may limit the downside for the Indian rupee and thus help limit the depreciation of the Indian rupee.
The Reserve Bank of India has announced the Monetary Policy Committee (MPC) schedule for the financial year 2024-25 starting April 1, 2024. The first policy meeting will be held from April 3 to 5, with the Reserve Bank of India expected to keep interest rates on hold until at least July amid strong economic growth and high inflation. Next, investors will await Thursday’s release of fourth-quarter U.S. gross domestic product annualized growth, which is expected to hold steady at 3.2%. Although markets will be closed on Good Friday, U.S. personal consumption expenditures (PCE) price index data for February will be in focus on Friday.
