Ella 
The Indian rupee (INR) traded strongly on Wednesday as US Treasury yields fell. India’s inflation, measured by the Wholesale Price Index (WPI), remained in deflationary territory for the seventh consecutive month on Tuesday, recording -0.52% in October from -0.26% in the previous month. Still, overall price developments in manufactured goods lowered wholesale inflation in October. That said, India remains vulnerable to higher crude oil prices as it is the world’s third-largest oil consumer.
Market participants will be keeping a close eye on India’s October trade balance. Meanwhile, the Reserve Bank of India (RBI) may intervene to prevent volatility in the domestic currency, which may limit the Indian rupee’s depreciation in the short term. Additionally, U.S. producer price index (PPI) and retail sales will be released later on Wednesday.
