USD/INR Strengthens as India's Services PMI Hits Five-Month High
Wednesday, 4 September 2024, 00:15
USD/INR Strengthens Amid Positive Macroeconomics
The USD/INR pair has exhibited resilience as India's macroeconomic indicators reflect growth. The Services PMI has notably accelerated to a five-month high, signaling strength in the service sector.
Factors Driving the Strengthening of INR
- Possible RBI Interventions: Anticipated actions by the Reserve Bank of India could support the INR.
- Declining Crude Oil Prices: Lower oil prices may alleviate some pressure on India's trade deficit, further aiding the INR.
- Firmer USD: While these factors favor the INR, a strong USD may limit significant gains.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.