Indian Rupee trades with mild negative bias on Tuesday.
The cautious mood ahead of India's general election results and key US data weighs on the INR.
India’s HSBC Services PMI and US ISM Services PMI for May will be released on Wednesday.
Indian Rupee (INR) trades with mild losses on Tuesday despite the softer US Dollar (USD). The INR trims gains after marking its best intraday performance since December 2023 on Monday. Investors turn cautious ahead of India's official general election outcome, which is due on Tuesday. A third consecutive win for the BJP-led government might boost investor confidence and lift the Indian Rupee. Furthermore, risk appetite and a decline in crude oil prices continue to underpin the INR as India is the third-largest oil consumer in the world.
India’s HSBC Services Purchasing Managers Index (PMI) and US ISM Services PMI for May will be published on Wednesday. The highlight of this week will be the Reserve Bank of India's (RBI) monetary policy and the US Nonfarm Payrolls later on Friday. The stronger-than-expected US economic data might provide some support to the Greenback and cap the downside for the pair.
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