USD/INR Faces Some Selling Pressure Ahead Of US Retail Sales Data

The Indian rupee (INR) gained on Tuesday on the back of a weaker US dollar. The rise in the INR was aided by dollar sales by state-run banks. However, the upside for the local currency may be limited as the cautious stance of US Federal Reserve (Fed) officials may temporarily affect the US dollar (USD) trend. Moreover, the rebound in crude oil prices may also put pressure on the INR. Notably, India is the third largest oil consumer after the United States and China.

However, possible foreign exchange intervention by the Reserve Bank of India (RBI) may support the INR and limit the upside for the currency pair. Looking ahead, US retail sales will be released on Tuesday and are expected to rise by 0.2% on a monthly basis in May. Strong consumer spending may further boost the USD/INR. Apart from this, Fed members Lisa Cook, Thomas Barkin, Adriana Kugler, Lorie Logan, Alberto Musalem and Austan Goolsbee will speak later on Tuesday.

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