The Indian Rupee loses momentum, snapping the two-day winning streak in Monday’s Asian trading hours.
USD demand weighs on the INR, while foreign equity inflows and lower crude oil prices could underpin the local currency.
The Indian August HSBC Manufacturing PMI is due on Monday.
The Indian Rupee (INR) drifts lower on the stronger US Dollar (USD) on Monday. The INR was the second-worst-performing Asian currency in August, pressured by strong USD from state-run banks. However, the downside might be limited amid likely inflows into local equities and a further decline in crude oil prices.
Investors await the Indian HSBC Manufacturing PMI for August on Monday, which is estimated to remain unchanged at 47.9. On the US docket, ISM Manufacturing PMI for August is due on Tuesday. The US Nonfarm Payrolls (NFP) will be closely watched on Friday. This data might offer some cues about the size and pace of the Federal Reserve (Fed) interest rate cuts. Another weaker reading might exert some selling pressure on the USD.
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