The Indian Rupee recovers slightly from its record low, but faces pressure from a strong USD, rising oil prices, and foreign capital outflows. The RBI may intervene to prevent further depreciation. Traders will monitor US December NFP data and Indian industrial output.
The Indian Rupee (INR) recovers some lost ground on Friday after reaching a record low in the previous session. The stronger US Dollar ( USD ) and higher crude oil prices continue to weigh on the local currency. This, along with relentless selling in domestic equities and outflow of foreign capital, might keep the INR under pressure in the near term. Nonetheless, the RBI could intervene in the foreign exchange market to prevent the INR from depreciating to its historic low level.
Later on Friday, traders will keep an eye on the Indian Industrial Output and Manufacturing Output for November. On the US docket, the labor market data for December will be closely watched, including the Nonfarm Payrolls (NFP), Unemployment Rate and Average Hourly Earnings.
Indian Rupee USD Crude Oil RBI NFP Inflation
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