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The Indian rupee (INR) edged lower on Wednesday as cautious Fed speech supported the US dollar (USD). Fed officials will wait for more encouraging signs of easing in the labor market and a further slowing of inflation to achieve their 2% goal. However, continued gains in Indian stocks could boost the Indian rupee and put downward pressure on the pair. India’s NIFTY50 index hit a near three-week high on Tuesday, crossing 22,600 points, taking the Indian rupee to a three-week high against the US dollar.
On Wednesday, investors will focus on the FOMC minutes and remarks from Federal Reserve Chairman Goolsbee. India’s foreign exchange and debt markets will be closed on Thursday, but preliminary readings of the HSBC India Manufacturing and Services Purchasing Managers’ Index for May will be released. Additionally, the preliminary reading of the U.S. S&P Global Purchasing Managers Index for May will also be released later on Thursday.
