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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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.