In late afternoon deals on Friday, the Indian rupee extended early rally against the U.S. dollar on hopes of further measures from the government to attract more foreign fund inflows into the country.
Sentiment also got a lift following diesel price hike announced by the government and monetary stimulus measures announced by the U.S. Federal Reserve.
India's annual inflation, based on the monthly wholesale price index, increased in August, and exceeded economists' forecast, preliminary data released by the Central Statistics Office showed.
The wholesale price index increased 7.55 percent on an annual basis in August, faster than the 6.87 percent growth seen in July
The rupee is now trading at 54.395 against the greenback, its highest level since July 6. On the upside, the rupee may break 54.00 level. The greenback-rupee pair ended yesterday's deals at 55.4255.
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.