• USD/INR trades lower due to downbeat UK PMI data.
• US Treasury yields pull back the safe-haven Greenback.
• Investors expect RBI’s intervention to improve the Indian Rupee.

USD/INR trades lower around 82.50 during the Asian session on Thursday, continuing the losing streak that began on Monday. The pair has extended losses after the downbeat preliminary PMI data released from the United States (US) on Wednesday. Additionally, the US Treasury yields fell sharply on weaker US economic data, pulling back the safe-haven US Dollar (USD).

Additionally, there is ongoing market speculation concerning the potential intervention by the Reserve Bank of India (RBI) to improve the Indian currency against the Greenback. Such intervention could significantly impact the price movement of USD/INR, influencing its overall price action.

S&P Global Manufacturing PMI in August fell to 47, lower than expectations of 49.3, from the previous 49. The S&P Global Services PMI for August declined to 51 from the prior 52.3, falling short of the expected 52.2.

Weaker US PMI data has signaled weaker economic activities, flaring the likelihood of an interest rate hike in the September meeting by the US Federal Reserve (Fed). This put the market participants into cautious status, awaiting Fed Chair Jerome Powell’s speech on Friday during Jackson Hole's annual symposium. The US Dollar Index (DXY), measures the performance of the US Dollar (USD) against the six major currencies, hovering around 103.40 at the time of writing.

The Indian Rupee (INR) traders will likely watch the upcoming release of India’s FX Reserves for the week ending on August 18, scheduled to be released on Friday. Market participants will also likely monitor Initial Jobless Claims from the United States (US) scheduled to be released later in the day. These datasets might offer fresh impetus for USD/INR traders.