Indian Rupee loses momentum on the month-end US dollar (USD) demand on Tuesday.
The positive outlook in the Indian economy continues to boost Indian equities and might strengthen the INR in the near term.
The Federal Reserve's (Fed) interest rate decision and press conference on Wednesday will be closely watched.
Indian Rupee (INR) extends its downside on Tuesday amid month-end US dollar (USD) demand from importers. On Monday, the Indian Rupee edged lower to its worst intraday fall in more than two weeks as weakness in major Asian currencies exerts some selling pressure on the local currencies. However, the continuous confidence and optimism in India's economic stability continue to support Indian equities, and this might lift the INR in the near term.
Market players will monitor the Federal Reserve's (Fed) interest rate decision and the press conference on Wednesday. A cautious tone from Fed Chair Jerome Powell could boost the Greenback further and create a tailwind for the pair. Also, the ISM Manufacturing PMI data and the US employment report this week might offer some insights about the interest rate outlook. On the Indian docket, India’s HSBC Manufacturing PMI for April will be released on Thursday.
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