Indian Rupee Recovers Despite US Dollar Demand, Supported by RBI Intervention
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The Indian rupee (INR) is recovering despite renewed US dollar (USD) demand. The recovery is supported by likely intervention from the Reserve Bank of India (RBI) to curb sharp swings in the INR . The positive outlook in the Indian economy, with expected acceleration in Foreign Direct Investment (FDI) inflows and net buying by foreign portfolio investors, could strengthen the INR and limit the upside of USD/INR . Investors will closely watch the US February Personal Consumption Expenditures (PCE) data on Friday, despite the markets being closed for Good Friday. The US Gross Domestic Product Annualized (Q4) is also due on Thursday . The USD/INR pair has lost upside traction due to the likely RBI intervention ....
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