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The Indian rupee fell on Thursday amid concerns about dollar demand from importers and foreign equity outflows. However, further declines in crude prices could support the Indian rupee as India is the world’s third-largest oil consumer and importer. Possible intervention by the Reserve Bank of India (RBI) to sell dollars to stabilize the Indian rupee could also limit the Indian rupee’s downside.
Traders will be closely watching India’s flash HSBC Purchasing Managers Index (PMI) for August and minutes of the RBI Monetary Policy Committee (MPC) meeting on Thursday. In the US, the flash S&P Global Purchasing Managers Index (PMI) for August will be released later in the day. Meanwhile, rising expectations for a rate cut by the Federal Reserve in September could drag the dollar lower.
