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India’s cumulative monsoon rainfall 9% below normal as of 5 th September.

Oil extends losses after deep cuts to Saudi crude prices for Asia. This decline follows weaker than expected US jobs report on Friday, indicating a sluggish economic recovery and consequentially weak oil demand.

Oil’s decline may pause on concerns that US supply may be affected by Hurricane Ida.

FPI inflows into dept continue to support rupee on widening yields.

OUTLOOK - USDINR

Despite last few days of consolidation and attempts to bounce back, 73.15 remains undisturbed, and multiple days saw USDINR closing near 73 or under. This increases the potential of a leg further down, with favoured view expecting 72.81 or 72.6. Upside reversal marker is placed at73.15 for the day, but it would required a direct rise above 73.3 to see sustainable upsides.

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