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- Indian Rupee trades on a flat note in Monday’s Asian session.
- The combination of lower crude oil prices, strong foreign inflows and firmer Fed rate bets underpins the INR.
- Investors await the Indian Trade Balance and US NY Empire State Manufacturing Index, which are due on Monday.
The Indian Rupee (INR) flat lines on Monday despite a weaker US Dollar (USD). The decline in crude oil prices, strong foreign institutional inflows (FII) into the Indian stock market and the odds of an outsized Federal Reserve (Fed) rate cut at its upcoming monetary policy meeting on Wednesday might support the INR.
However, the consistent USD buying by importers and risk aversion ahead of the key event could boost the Greenback. Looking ahead, the Indian Trade Balance and US NY Empire State Manufacturing Index are due on Monday. The Indian Wholesale Price Index (WPI) Inflation and US Retail Sales for August will be released on Tuesday. The US Federal Reserve (Fed) interest rate decision will be the highlight on Wednesday.
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