The Indian Rupee trades sideways in Monday’s Asian session.
Foreign equity inflows drag the INR lower, but lower crude oil prices and likely RBI intervention could cap its downside.
Investors brace for India’s October CPI inflation report, which is due on Tuesday.
The Indian Rupee (INR) flats lines on Monday after falling to a record low in the previous session. The local currency remains vulnerable amid the sustained outflows from local stocks and expectations of a stronger Greenback and higher US bond yields after Donald Trump won the US election.
On the other hand, the decline in crude oil prices might help limit the INR’s losses as India is the world's third-largest oil consumer. Additionally, the routine intervention by the Reserve Bank of India (RBI) to sell USD might prevent the INR from significant depreciation in the near term. Traders will keep an eye on India’s October Consumer Price Index (CPI), which is due on Tuesday. On the US docket, the CPI inflation report will be released on Wednesday.
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