Provincial Road 432 (PR 432) is a 37.1-kilometre-long (23.1 mi) north–south highway in the Pembina Valley Region of Manitoba, connecting the town of Rosebank with the city of Morden, as well as rural areas to the south near the United States border.

PR 432 begins in the Rural Municipality of Stanley at a junction with PR 201 between Pembina Valley Provincial Park and Osterwick, meandering northeast as a two-lane gravel road through farmland while traversing several creeks and switchbacks.

Becoming paved, the highway follows the eastern coastline of Lake Minnewasta as it enters the city of Morden along Willcocks Road.

After joining Mountain Street via a sharp left hand curve, PR 432 travels through neighbourhoods and an industrial area on the west side of downtown, crossing a railway to enter a business district and have an intersection with PTH 3 (Boundary Commission Trail / Thornhill Street).

It travels through several more blocks of neighbourhoods before leaving Morden and heading north through rural farmland for the next several kilometres.