USD/INR holds steady ahead of Indian PMI data
The Indian Rupee trades flat in Wednesday’s early Asian session. Renewed USD demand and persistent outflows by foreign institutional investors could undermine the INR. India’s HSBC PMI and US ISM Services PMI will be the highlights later on Wednesday. The Indian Rupee (INR) flat lines on Wednesday. The rising US Dollar (USD) buying by foreign banks and Indian importers, especially local oil companies, might exert some selling pressure on the local currency. Furthermore, the ongoing foreign outflows amid increasing global trade tensions could drag the INR lower. Foreign investors have...