Indian Rupee holds positive ground in Friday’s Asian session.
Higher crude oil prices and Foreign Portfolio Investors (FPI) outflows weigh on the INR.
Investors await the HSBC India Services PMI and US employment data.
The Indian Rupee (INR) recovers some lost ground on Friday. The rise in crude oil prices amid escalating geopolitical tensions in the Middle East, the significant outflow from domestic equities and regional currency downtrends could undermine the INR.
Investors will closely monitor the HSBC India Services Purchasing Managers Index (PMI) on Friday, which is expected to decline to 58.9 in September from 60.9 in August. On the US docket, the employment data for September will take center stage, including Nonfarm Payrolls (NFP) and Unemployment Rate. The US economy is expected to see 140K jobs added in September. While the Unemployment Rate is expected to remain unchanged at 4.2% in the same period. If the report shows a weaker-than-expected outcome, this could weigh on the Greenback.
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