• The Indian Rupee weakens in Thursday’s Asian session. 
• Higher crude oil prices weigh on the INR; rising US rate cut bets and Fed’s dovish view might cap the downside. 
• Investors await the US weekly Initial Jobless Claims and Philly Fed Manufacturing Index, which are due on Thursday. 

The Indian Rupee (INR) attracts some sellers on Thursday despite the weaker US Dollar (USD). The extended recovery in crude oil prices exerts some pressure on the INR as India is the world’s third-largest oil consumer. However, the downside for the local currency might be limited as rising odds of a September rate cut by the US Federal Reserve (Fed) could weigh on the Greenback and pressure US bond yields to come down. 

Later on Thursday, investors will monitor the weekly Initial Jobless Claims and the Philly Fed Manufacturing Index. Also, the Fed’s Lorie Logan is scheduled to speak. The dovish comments from the Fed officials might continue to undermine the USD in the near term.