Ella 
The Indian rupee (INR) fell on Thursday on a stronger dollar and higher U.S. Treasury yields. USD/INR downside may be limited in the near term as foreign outflows and a stronger-than-expected US CPI report for February suggest the Federal Reserve (Fed) will wait longer before cutting interest rates. Additionally, a rebound in oil prices has also weighed on the Indian rupee as India ranks third in oil consumption in the world.
Market participants are awaiting the release of India’s Wholesale Price Index (WPI) for food, fuel and inflation on Thursday for fresh impetus. India’s WPI inflation is expected to slow to 0.25% in February from 0.27% in January. In the United States, U.S. retail sales will be in focus on Thursday. Additionally, producer price index (PPI), business inventories and the usual weekly jobless claims will be released later in the day.
