Ella 
The Indian rupee (INR) continued its decline on Tuesday on dollar demand from importers at the end of the month. The Indian rupee fell on Monday, posting its worst intraday loss in more than two weeks, as weakness in major Asian currencies put some selling pressure on the local currency. However, continued confidence and optimism about India’s economic stability continue to support Indian equities, which is likely to boost the Indian rupee in the short term.
Market participants will focus on the Federal Reserve’s (Fed) interest rate decision and press conference on Wednesday. Federal Reserve Chairman Jerome Powell’s cautious tone may further boost the U.S. dollar, benefiting the pair. In addition, this week’s ISM manufacturing purchasing managers’ index data and the US employment report may also provide some insights into the interest rate outlook. In India, India’s April HSBC Manufacturing Purchasing Managers’ Index will be released on Thursday.
