The Indian Rupee (INR) strengthened in Monday's Asian session, driven by a surge in foreign investment. However, rising crude oil prices and a stronger US Dollar (USD) may limit its gains. Investors will be watching US PMI data for September and statements from Federal Reserve officials for further direction.
Indian Rupee edges higher in Monday’s Asian session. Robust Indian foreign inflow boosts the INR, but higher crude oil prices and a stronger USD could cap its gains. Investors will monitor the US PMI data for September on Monday. The Indian Rupee extends the rally on Monday, bolstered by positive momentum in Indian equity markets amid a massive inflow of foreign funds.
The 100-day EMA at 83.62 acts as the first upside barrier for USD/INR. The 84.00 psychological level appears to be a tough nut to crack for USD/INR bulls. On the other hand, the low of June 19 at 83.30 acts as an initial support level for the pair. Extended losses could see a drop to the 83.00 round mark. Indian Rupee FAQs What are the key factors driving the Indian Rupee? The Indian Rupee is one of the most sensitive currencies to external factors.
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