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The Indian rupee (INR) edged higher on Friday amid strong dollar selling and muted demand from importers. The Indian rupee’s recovery has been fueled by the strong performance of the Indian economy and positive long-term outlook. However, rising oil prices and rising US Treasury yields could drag the Indian rupee lower and limit the downside for USD/INR.
Investors will be closely watching India’s March CPI inflation report and February industrial production report due on Friday. If Indian inflation data comes in better than expected, it could further boost the Indian rupee. In the United States, the preliminary value of the Michigan Consumer Confidence Index for April will be released later, and Fed Bostic and Daly will also give speeches.
