Indian Rupee trades flat in Wednesday’s Asian trading hours.
Possible RBI interventions and lower crude oil prices might support the INR, while firmer USD could limit its upside.
Investors await the HSBC India Services PMI on Wednesday for fresh impetus.
The Indian Rupee (INR) holds steady on Wednesday. Traders remain vigilant for potential interventions from the Reserve Bank of India (RBI) to prevent the INR from breaching the 84 mark, though this has yet to be officially confirmed. Meanwhile, a fall in crude oil prices to the lowest since January might underpin the local currency as India is the world's third-largest oil-consuming and importing nation.
Nonetheless, the renewed demand for the US Dollar (USD) from importers and risk aversion could weigh on the INR and boost the safe-haven currency like the Greenback. Looking ahead, the HSBC India Services Purchasing Managers Index (PMI) is due on Wednesday. On the US docket, JOLTS Job Openings and Fed Beige Book will be published. The attention will shift to the US Nonfarm Payrolls (NFP) for August on Friday, which might offer some hints about the size and pace of rate cuts by the Federal Reserve (Fed) this year.
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