The Indian Rupee (INR) experienced selling pressure during the early European session on Thursday, influenced by President Trump’s proposed 26% tariff on Indian imports, effective April 9th. This development contributed to broader weakness in Asian equity and currency markets. The INR’s decline may be tempered by a concurrent decrease in crude oil prices, given India’s status as the world’s third-largest oil consumer. Market participants are anticipating the release of US Initial Jobless Claims, S&P Global Services PMI, and ISM Services PMI data later today, followed by the US Nonfarm Payrolls report on Friday.
