Ella 
The Indian rupee (INR) weakened on Wednesday after hitting a three-week high in the previous session. Rising geopolitical tensions in the Middle East have put pressure on the Indian currency. The upcoming reciprocal tariffs by US President Trump on April 2 may also exert some selling pressure on the Indian rupee in the near term.
However, a generally weaker US dollar and rising US dollar (USD) sales by exporters could provide some support to the local currency. Additionally, India’s latest current account data showed a surplus in February, which could help the rupee’s gains.
All eyes will be on Wednesday’s Federal Reserve interest rate decision, which is expected to keep rates unchanged. Investors will be closely watching the press conference and the Summary of Economic Projections (SEP), or “dot plot,” as this may provide some clues about views on the economy and the future path of interest rates.
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