Ella 
The Indian rupee (INR) moved higher on Friday despite a stronger US dollar. India’s increased weighting in the MSCI Emerging Market Index is likely to bring in large amounts of foreign investment, stabilizing the Indian rupee in the short term. However, as India is the world’s third-largest oil importer and consumer, a recovery in crude oil prices may limit the rupee’s upside.
India’s quarterly gross domestic product quarterly report for the first quarter of the fiscal year 2024-25 (FY25) will be released on Friday, with GDP expected to grow by 6.9% annually in the first quarter. In the U.S., personal consumption expenditures (PCE) inflation data will be in focus as it could provide some hints at the Fed’s intention to implement a 25 or 50 basis point (bps) rate cut at its upcoming September meeting.
