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The Indian rupee (INR) recovered some lost ground on Friday, ending a three-day downtrend. The fall in crude oil prices provided some support to the INR amid reports that the US and Iran were close to a deal on the country’s nuclear program. Notably, India is the world’s third-largest oil consumer and lower crude oil prices tend to have a positive impact on the value of the INR.
However, a pick-up in importers’ demand for the US dollar (USD) and continued foreign capital outflows could weigh on the Indian currency. Later on Friday, traders brace for preliminary data on US building permits, housing starts and the University of Michigan’s consumer sentiment index. Federal Reserve (Fed) official Thomas Barkin is scheduled to speak later on the same day.
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