印度卢比徘徊在每美元83.4卢比的水平，未能从4月16日触及的83.7卢比的历史低点大幅回升，并在印度储备银行的有限干预下追随其他亚洲货币的疲软。美国顽固的通货膨胀进一步降低了对美国降息幅度的预期，引发了日本美元购买水平的上升和中国持续疲软的美元汇率，这反过来又给整个欧洲大陆的新兴市场货币带来了压力。因此，投资者降低了对印度储备银行支持卢比空间的预期，因为印度储备银行通常对强势美元的防御将导致印度商品和服务在全球市场上对亚洲竞争对手的吸引力降低。尽管如此，印度经济的韧性和对印度储备银行的鹰派预期阻止了经济的进一步下滑。在最近的一次会议上，央行指出，食品价格上涨带来的通胀上行风险保证了长期的终端利率。

The Indian rupee hovered at the 83.4 per USD level, failing to recover significantly from the record low of 83.7 touched on April 16th, and tracking the weakness in other Asian currencies amid limited intervention from the RBI. Stubborn inflation in the US further pared expectations on the extent of rate cuts in the US, triggering elevated levels of dollar buying in Japan and continuously weak dollar fixes in China, which in turn, pressured emerging market currencies across the continent. Consequently, investors pared expectations on the RBI’s room for rupee support, as its usual defense against a strong dollar would drive Indian goods and services to be less attractive against Asian rivals in global markets. Still, a resilient Indian economy and hawkish expectations for the RBI prevented an even sharper downturn. In its latest meeting, the central bank noted that upside risks to inflation due to higher food prices warrant a prolonged period of terminal interest rates.