Indian Rupee (INR) recovers some lost ground on Thursday amid the weaker US Dollar (USD). The Greenback failed to capitalize after the US Federal Reserve (Fed) decided to maintain the status quo on the rate late Wednesday. The Fed Chair Jerome Powell said during the press conference that it’s unlikely that the next policy rate move will be a hike. These comments spark a modest dovish reaction in the markets, which weighs on the Greenback.
However, the Fed’s cautious stance over future interest rate cuts and higher-for-longer rate narrative might lift the USD. On the one hand, the weakening of the INR might be limited as the Reserve Bank of India (RBI) continues to stabilize its currency from the volatility.
On Thursday, the usual US weekly Initial Jobless Claims and March’s Goods Trade Balance are due. On the Indian front, the HSBC Manufacturing Purchasing Managers Index (PMI) for April will be released, which is estimated to remain steady at 59.1. The spotlight will turn to the US employment data for April on Friday, including Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings.
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