The Indian Rupee trends lower in Friday’s early European session.
The Indian equity selloff and the rise in crude oil prices continue to undermine the INR.
The advanced US November Michigan Consumer Sentiment data and Fed Bowman’s speech will be the highlights on Friday.
The Indian Rupee (INR) weakens on Friday. The local currency depreciated to record lows again in the previous session amid weak domestic equities and sustained foreign fund outflows. Additionally, the rise in crude oil prices also weighed on the INR.
Donald Trump is expected to boost the US Dollar (USD) and push US yields higher, driven by anticipated populist measures that could increase borrowing, inflation, and yields. This, in turn, might contribute to the INR’s downside. However, the downward movement of the local currency might be limited as the Reserve Bank of India (RBI) is likely to intervene in the market by selling the USD to avoid excess volatility.
Looking ahead, traders will keep an eye on the advanced US Michigan Consumer Sentiment data for November. Also, the Federal Reserve’s (Fed) Michelle Bowman is scheduled to speak later on Friday.
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