Ella 
The Indian rupee (INR) lost momentum on Wednesday. The local currency remains under some selling pressure amid renewed demand for the U.S. dollar (USD) from importers and rising geopolitical tensions after Russian officials said Ukraine used a U.S. ATACMS missile to strike Russian territory for the first time, while Russian President Vladimir Putin approves updated nuclear strategy.
Additionally, continued portfolio outflows also contributed to the fall in the Indian rupee. However, any significant depreciation of the Indian rupee may be limited as the Reserve Bank of India (RBI) may sell dollars to support the Indian rupee.
In the absence of top-level economic data from the US and India, USD price dynamics will continue to play a key role in influencing the pair. Federal Reserve (Fed) Chairs Lisa Cook and Michelle Bowman are scheduled to speak later on Wednesday.
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