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The Indian Rupee gains ground in Monday’s Asian session.  Lower crude oil prices underpin the INR, but persistent Indian foreign outflows could cap its upside.  Investors await the advanced US GDP growth numbers for Q3 on Wednesday ahead of NFP data.  The Indian Rupee (INR) trades firmer on Monday despite the stronger US Dollar (USD). The fall in crude oil prices provides some support to the local currency as India is the world’s third-largest oil consumer. However, the upside of the INR might be limited amid sustained foreign outflows from domestic stocks and the expectation of a slower pace of the US Federal Reserve (Fed) rate cuts.  Investors will keep an eye on the advanced US Gross Domestic Product (GDP) Annualized for the third quarter (Q3), which is due on Wednesday. The Core Personal Consumption Expenditures (PCE) Price Index for September will be released on Thursday. On Friday, the highly anticipated US Nonfarm Payrolls (NFP) will be in the spotlight.  Daily Digest Market Movers: Indian Rupee recovers, the potential upside seems limited India’s economic growth is estimated to reach between 7.0% and 7.2% in the fiscal year 2024-25, according to Deloitte India’s latest Economic Outlook.  The preliminary estimates showed that India’s HSBC Manufacturing Purchasing Managers Index (PMI) rose to 57.4 in October versus 56.5 prior. The Services PMI increased to 57.9 in October from a one-year low of 57.7 in September.   The US Michigan Consumer Sentiment Index rose to 70.5 in October from 68.9 in the previous reading, beating expectations.  The Durable Goods Orders declined by 0.8% MoM in September, above the market consensus of a 1% decline. Durable Goods Orders excluding transportation increased 0.4% in September. US rate futures have priced in a 97.7% possibility that the Fed will cut rates by 25 basis points (bps) in November, according…

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Filed under: News - @ October 28, 2024 3:28 am