Indian Rupee attracts some buyers, supported by the upbeat Indian CPI inflation data and foreign inflows.
Risk-averse sentiment and the possible intervention from the Indian central bank might limit the upside of INR.
Market players await the Indian WPI inflation and US Retail Sales for February, due on Thursday.
Indian Rupee (INR) trades on a positive note on Wednesday. The upbeat Indian Retail Inflation data for February provides some support to the local currency and drags the USD/INR pair lower. The recovery of INR is also bolstered by persistent foreign inflows in domestic equity markets. However, the renewed US Dollar (USD) demand from importers, risk-averse sentiment, and the potential intervention from the Reserve Bank of India (RBI) might cap the upside of the Indian Rupee.
Looking ahead, investors will monitor India’s Wholesale Price Index (WPI) of Food, Fuel, and Inflation on Thursday. On the US docket, US Retail Sales will be in the spotlight later on Thursday. The Retail Sales figure is estimated to improve to 0.8% MoM in February from a 0.8% drop in January.
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