Ella 
The Indian rupee on Tuesday pared some losses after falling to an all-time low in the previous session. A weaker yuan and continued demand for the dollar from local businesses and oil companies are likely to continue to weigh on the Indian rupee. However, the downside for the Indian rupee may be limited as the Reserve Bank of India (RBI) is likely to intervene to support the depreciation of the Indian rupee. Moreover, strong inflows into Indian equities and lower crude oil prices are likely to support the Indian rupee in the near term.
Market participants will be closely watching the Indian Union Budget on Tuesday. In the US, existing home sales and the Richmond Fed manufacturing index will be released. Later in the week, the focus will turn to the US preliminary S&P Global Purchasing Managers’ Index (PMI) for July, second quarter gross domestic product (GDP) and personal consumption expenditures price index (PCE) for June, which will be released on Wednesday, Thursday and Friday respectively.
