The Indian Rupee steadies in Friday’s Asian session.
Continued outflow of foreign funds and higher crude oil prices might weigh on the INR.
Investors will monitor the preliminary HSBC India PMI, which is due on Friday.
The Indian Rupee (INR) trades flat on Friday after hitting an all-time low of 84.50 against the US Dollar (USD) in the previous session. The significant sell-off in domestic equity markets and the rebound in crude oil prices amid the escalating geopolitical tensions between Russia and Ukraine exert some selling pressure on the local currency.
However, the routine intervention from the Reserve Bank of India (RBI), with state-run banks offering USD in the market, might help limit the INR’s losses. Looking ahead, traders will keep an eye on the preliminary HSBC India Manufacturing Purchasing Managers Index (PMI) and Services PMI for November. On the US docket, the flash US S&P Global PMI data and the final Michigan Consumer Sentiment will be released.
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