The Indian Rupee (INR) made strides on Wednesday, fueled by strong interventions from the Reserve Bank of India (RBI). Additionally, the selling pressure from exporters on the US Dollar (USD) and profit-booking activities by speculators supported the local currency’s upward momentum.

Market participants are keenly focusing on the upcoming US Consumer Price Index (CPI) report. This crucial economic indicator will provide insights into inflation trends, which could impact monetary policy decisions in the future. As the global markets await this release, investors are positioning themselves strategically.

With the RBI’s decisive actions and the market’s response to external economic factors, the INR is gaining renewed confidence. Traders will closely monitor the currency’s performance in light of the forthcoming US CPI figures and any potential implications for interest rates.

Keep an eye on the currency markets as this story unfolds!