The Indian Rupee gains ground in Monday’s Asian session.
Elevated oil prices might pressure the INR, while the renewed US Dollar demand might cap the local currency’s gains.
Investors await the US Chicago Fed National Activity Index ahead of India’s Federal Budget on Tuesday.
The Indian Rupee (INR) trades with a slight positive bias on Monday amid the weaker US Dollar (USD). The rising speculations of a Federal Reserve (Fed) easing move in September have weighed on the Greenback in previous sessions. However, the high demand for USD, especially for defense and oil payments, might exert some selling pressure on the local currency. The downside for the INR might be limited amid the likely Reserve Bank of India (RBI) intervention to prevent a sharp depreciation in the Indian Rupee.
The US Chicago Fed National Activity Index for June is due on Monday. The highlights for this week will be the preliminary US S&P Global Purchasing Managers Index (PMI) for July, Gross Domestic Product (GDP) for the second quarter and the Personal Consumption Expenditures Price Index (PCE) data for June, which will be released on Wednesday, Thursday and Friday, respectively. On the Indian docket, traders will keep an eye on the Indian Union Budget on Tuesday.
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