• The Indian Rupee gains momentum in Tuesday’s Asian session. 
• The routine interventions by the RBI support the INR; portfolio outflows and a stronger USD might cap its upside. 
• Kansas City Fed President Jeffrey Schmid is set to speak later on Tuesday. 

The Indian Rupee (INR) extends the rally on Tuesday, bolstered by the intervention by the Reserve Bank of India (RBI) to prevent the local currency from significant depreciation. Furthermore, the recovery in crude oil prices provides some support to the INR as India is the world's third-largest oil consumer. 

Nonetheless, the sustained outflow of foreign funds and the renewed US Dollar (USD) demand might exert some selling pressure on the Indian Rupee. A decline in most Asian currencies also weighs on the local currency for the time being. In the absence of top-tier US economic data releases on Tuesday, the attention will be on risk sentiment and the US Federal Reserve’s (Fed) Jeffrey Schmid speech.