USD/INR loses upside traction on likely RBI intervention

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The Indian Rupee (INR) is recovering despite renewed US Dollar demand. The recovery is supported by likely intervention from the Reserve Bank of India (RBI) to curb sharp swings in the Indian Rupee. The positive Indian economic outlook, 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.

#Usd/inr #Rbi #IndianRupee #UsDollar #IndianEconomy

https://www.fxstreet.com/news/usd-inr-loses-upside-traction-on-likely-rbi-intervention-202403270350