• The Indian Rupee trades steady in Monday’s Asian session. 
• RBI’s intervention and lower crude oil prices might underpin INR; foreign outflows and strong USD demand might limit its upside. 
• The first reading of HSBC India PMI will be released on Wednesday ahead of Fed Chair Powell's speech. 

The Indian Rupee (INR) flatlines on Monday despite the softer US Dollar (USD). India’s foreign outflows and strong USD demand from importers remain exerting some selling pressure on the INR. Despite multiple headwinds, the local currency is supported by the Reserve Bank of India (RBI’s) intervention, which is likely to sell USD to stabilize and prevent the INR from a breach of the crucial 84.00 level. 

Furthermore, the decline of crude oil prices is likely to support the INR as India remains one of the top importers of crude oil. The preliminary HSBC India Purchasing Managers Index (PMI) will be published on Wednesday. On the US docket, the Federal Reserve (Fed) Chair Jerome Powell's speech will be in the spotlight this Friday as traders will take more cues about potential interest rate cuts. The dovish remarks from the Fed officials might drag the Greenback lower and cap the pair’s upside.