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Indian Rupee gains ground despite the firmer USD on Friday.  India’s flash PMI showed a robust expansion in May, boosting the INR.  US Durable Goods Order, Michigan Consumer Sentiment Index report, and speech from Fed’s Waller are the highlights on Friday.  Indian Rupee (INR) trades with a mild positive bias on Friday despite the rebound of the US Dollar (USD). The strong growth of India’s business sector in May and the sharp exports and job addition rate provide some support to the INR. Additionally, a decline in crude oil prices underpins the local currency, as India is the world’s third-biggest oil importer and consumer.  On Friday, investors will focus on the US Durable Goods Orders, the Michigan Consumer Sentiment Index, and the Fed’s Waller speech for fresh impetus. The stronger US economic data and hawkish remarks from Federal Reserve (Fed) officials might lift the Greenback and limit the downside for the pair. Also, the foreign outflows ahead of India’s upcoming election outcome might also weigh on the INR.  Daily Digest Market Movers: Indian Rupee remains strong, supported by robust economic data India’s flash HSBC Composite PMI came in at 61.7 in May from 61.5 in April, reaching the third strongest reading in nearly 14 years and marking the 34th consecutive month above the 50-level, which separates growth from contraction. The Indian Manufacturing PMI dropped to 58.4 in May from 58.8 in April. The services PMI index rose to a four-month high of 61.4 in May from 60.8 in April.  The preliminary US S&P Composite PMI came in better than market expectations, jumping to 54.4 in May from 51.3 in April, the highest level since April 2022. The US Manufacturing PMI rose to 50.9 in May versus 50.0 in April, above the market consensus of 50.0. The Services PMI jumped to…

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Filed under: News - @ May 24, 2024 7:28 am