The Indian rupee traded under pressure versus the dollar on Thursday despite declines in both the dollar and oil. After US July CPI slowed, markets eased near-term Fed rate-hike fears and the dollar softened. Brown Brothers Harriman analysts said the US inflation print prompted a mild dovish shift in rate expectations, cutting fed funds futures’ September hike probability from about 50% to 35%. Currencies of oil-import-dependent economies such as India typically underperform when oil prices are

The Indian rupee traded under pressure versus the dollar on Thursday despite declines in both the dollar and oil. After US July CPI slowed, markets eased near-term Fed rate-hike fears and the dollar softened. Brown Brothers Harriman analysts said the US inflation print prompted a mild dovish shift in rate expectations, cutting fed funds futures’ September hike probability from about 50% to 35%. Currencies of oil-import-dependent economies such as India typically underperform when oil prices are elevated.