Ella 
The Indian rupee (INR) was steady against the US dollar (USD) on Tuesday, with traders speculating that the Reserve Bank of India (RBI) may intervene in the foreign exchange market to support the local currency and prevent it from falling below 84.00.
USD/INR is likely to appreciate in the near term as Asian equities and currencies fell sharply on rising concerns over a possible slowdown in the US economy. However, lower oil prices may help ease downward pressure on the Indian rupee as India, the world’s third-largest oil consumer and importer, will benefit from lower import costs.
The U.S. dollar strengthened as the likelihood of a major interest rate cut by the Federal Reserve (Fed) at its September meeting became less likely. The odds of a 50 basis point rate cut fell slightly to 29.0% from 30.0% a week ago, according to the CME FedWatch tool.
