Ella 
The Indian rupee turned slightly bearish on Thursday
The downside for the Indian rupee may be limited as crude oil prices fall further.
Market participants will be paying close attention to the preliminary U.S. first-quarter (Q1) gross domestic product (GDP) value.
The Indian rupee (INR) extended losses on Thursday despite a decline in the US dollar. Growing speculation that the U.S. Federal Reserve (Fed) will delay an interest rate cut has boosted the U.S. dollar against major currency pairs. However, the pair’s upside may be limited as crude oil prices fall further as tensions between Iran and Israel ease.
Investors will be paying close attention to the preliminary annual rate of U.S. gross domestic product (GDP) in the first quarter. The report could provide clues about the strength of U.S. economic growth and indicate the Fed’s next steps. The final U.S. personal consumption expenditures price index (PCE) for March will be closely watched on Friday. In addition, the Indian general election, which begins on April 19 and will last until June 1, will also be in focus.
