The Indian Rupee edges higher in Friday’s Asian session.
Substantial equity outflows, higher crude oil prices might drag the INR down, but possible RBI intervention might cap its downside.
Investors await the US housing data and FedSpeaks later on Friday.
The Indian Rupee (INR) recovers on Friday on the modest decline of the US Dollar (USD). The upside of the local currency might be limited amid foreign fund outflows, a negative trend in domestic equities and the recent spike in crude oil prices. Additionally, the rising expectations the Federal Reserve (Fed) would cut rates less aggressively might strengthen the Greenback and weigh on the INR.
Nonetheless, the routine foreign exchange interventions by the Reserve Bank of India (RBI) through USD sales could help limit the INR’s losses. Looking ahead, the US Building Permits and Housing Starts are due later on Friday. The Fed’s Raphael Bostic, Neel Kashkari and Christopher Waller are scheduled to speak on the same day.
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