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The Indian Rupee holds steady near two-week highs in Tuesday’s early Asian session. Weaker Greenback and lower crude oil prices support the INR; renewed USD demand and Indian outflows might cap its upside.  Investors will watch the Fed’s Raphael Bostic and Michael Barr speeches on Tuesday. The Indian Rupee (INR) trades flat on Tuesday. The further decline of the US Dollar (USD) has boosted Asian currencies and lifted the INR to its highest in two weeks. Additionally, the fall in crude oil prices is likely to underpin the local currency as India is one of the largest importers of crude oil.  On the other hand, the renewed USD demand from public sector banks and outflows from local equities might cap the INR’s gains. Investors will focus on the Fed’s Raphael Bostic and Michael Barr speeches on Tuesday. The highlight will be Fed Chair Jerome Powell’s speech on Friday, which might provide some outlook about the path forward for US interest rates. On the Indian docket, the first reading of the HSBC Purchasing Managers Index (PMI) for August will be released on Wednesday.  Daily Digest Market Movers: Indian Rupee recovers some lost ground on the softer USD “A large public sector bank started buying (Dollars) when the currency touched 83.85/$1 and there is a good possibility that the PSU bank may be buying on behalf of the central bank, as the RBI may not be comfortable with the upside in Rupee”, said Anil Bhansali, Head of Treasury at Finrex Treasury Advisors LLP.  The Deputy Managing Director of the International Monetary Fund (IMF), Dr. Gita Gopinath, said that she is hopeful of India becoming the third-largest economy by 2027 as the growth did much better than expected during the last fiscal year and that those carryover effects are affecting our forecast for…

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Filed under: News - @ August 20, 2024 3:13 am