Ella 
The Indian rupee (INR) weakened on Thursday as demand for the dollar from local oil companies and other importers continued to grow. Despite the release of the US inflation data for May that missed expectations, the hawkish stance of the US Federal Reserve (Fed) helped the US dollar regain some composure. The INR has been in a push-pull situation driven by multiple market factors. However, the foreign exchange intervention measures of the Reserve Bank of India (RBI) may temporarily curb the decline of the INR.
Traders will focus on the US weekly initial jobless claims, producer price index (PPI) and the speech of John Williams of the Federal Reserve, which will be released later on Thursday. The preliminary reading of the US Michigan Consumer Sentiment Index for June will be released on Friday. The highlight of Friday is the wholesale price index (WPI) inflation data from India. Higher-than-expected consumer inflation may boost the INR and limit the upside of the currency pair in the short term.
