The Indian rupee strengthened against the U.S. dollar in the European session on Thursday, as India's wholesale price inflation has increased, markets focused on the trajectory of interest rates.
Data from the Ministry of Commerce and Industry showed India's wholesale price inflation accelerated sharply in April due to higher costs for crude oil caused by the impact of the Middle East war. The wholesale price index climbed 8.30 percent year-over-year in April, much faster than the 3.88 percent rise in March. Moreover, this was the highest inflation rate since October 2022.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.