• The Indian Rupee drifts higher in Monday’s Asian session. 
• Elevated oil prices and sustained outflows from local stocks weigh on the INR; RBI intervention might help limit its losses. 
• India’s Wholesale Price Index (WPI) inflation data will take center stage on Monday. 

The Indian Rupee (INR) recovers some lost ground on Monday after retreating to an all-time low in the previous session. The concerns about the recent spike in oil prices amid geopolitical tensions, significant foreign investor sell-offs from the equity market and higher demand for the greenback from foreign banks undermine the local currency. 

Nonetheless, the likely intervention from the Reserve Bank of India (RBI) by US Dollar sales from state-run banks might cap the downside for the INR. Traders will keep an eye on India’s Wholesale Price Index (WPI) Inflation on Monday, which is expected to rise to 1.90% YoY in September from 1.31% in August. On the US docket, the NY Empire State Manufacturing Index for October will be released.