Indian Rupee (INR) trades with mild losses on Tuesday despite the softer US Dollar (USD).
India n Rupee trades with mild negative bias on Tuesday. The cautious mood ahead of India 's general election results and key US data weighs on the INR. India ’s HSBC Services PMI and US ISM Services PMI for May will be released on Wednesday. India n Rupee trades with mild losses on Tuesday despite the softer US Dollar . The INR trims gains after marking its best intraday performance since December 2023 on Monday.
Securities FX research analyst, Dilip Parmar, said that the Indian rupee should gain as we will see dollar inflows on foreign funds buying domestic equities and debt.” The Indian HSBC Manufacturing PMI dropped to 57.5 in May, compared to the previous reading and the market consensus of 58.4. The US ISM Manufacturing PMI declined to 48.7 in May from the previous reading of 49.2, weaker than the market expectation of 49.6. The US Nonfarm Payrolls is estimated to see 190,000 job additions in May.
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