Ella 
The Indian rupee was slightly bullish on Monday amid a weaker US dollar. Earlier, rising expectations of a September rate cut by the Federal Reserve weighed on the dollar. However, strong demand for the dollar, especially for defense and oil payments, could put selling pressure on the rupee. The Reserve Bank of India (RBI) is likely to intervene to prevent a sharp depreciation of the Indian rupee, so the downside for the Indian rupee may be limited.
The Chicago Fed National Activity Index for June in the United States will be released on Monday. The focus this week will be on the US S&P Global Purchasing Managers Index (PMI) flash estimate for July, second quarter gross domestic product (GDP) and June personal consumption expenditure price index (PCE) data, which will be released on Wednesday, Thursday and Friday respectively. On the Indian front, traders will keep a close eye on the Indian Union Budget on Tuesday.
