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Indian Rupee holds positive ground in Friday’s Asian session. Higher crude oil prices and Foreign Portfolio Investors (FPI) outflows weigh on the INR.  Investors await the HSBC India Services PMI and US employment data. The Indian Rupee (INR) recovers some lost ground on Friday. The rise in crude oil prices amid escalating geopolitical tensions in the Middle East, the significant outflow from domestic equities and regional currency downtrends could undermine the INR.  Investors will closely monitor the HSBC India Services Purchasing Managers Index (PMI) on Friday, which is expected to decline to 58.9 in September from 60.9 in August. On the US docket, the employment data for September will take center stage, including Nonfarm Payrolls (NFP) and Unemployment Rate. The US economy is expected to see 140K jobs added in September. While the Unemployment Rate is expected to remain unchanged at 4.2% in the same period. If the report shows a weaker-than-expected outcome, this could weigh on the Greenback.  Daily Digest Market Movers: Indian Rupee trades firmer, potential upside seems limited  According to the World Bank’s latest report, the Indian economy continues to grow at a healthy pace despite global challenges, but to reach its $1 trillion merchandise exports goal by 2030, India needs to diversify its export basket and leverage global value chains. The US Services PMI climbed to 54.9 in September from 51.5 in August, the Institute for Supply Management (ISM) showed on Thursday. This figure came in stronger than the market forecast of 51.7.  The US weekly Initial Jobless Claims in the US rose by 6,000 to 225,000 in the week ending September 28. This figure followed the previous week’s print of 219,000 (revised from 218,000) and was worse than the market expectation of 220,000.  Federal Reserve Bank of Chicago President Austan Goolsbee reiterated on Thursday that…

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Filed under: News - @ October 4, 2024 3:19 am