This is what will keep Indian rupee range-bound
The rupee has depreciated by 6.9% since January 2018 and the main driver for the downslide is dollar strengthening against its peers since the beginning of the year. With the recent US CPI inflation data coming at 2.9% (YoY), the ongoing rise in inflation may build a case for further US rate hikes which can boost the US dollar.
The direction of the global markets is yet unclear; the reason being looming tension due to the escalated US-Sino trade war leading to rising protectionism among other economies and mixed macroeconomic data from the UK & Europe. Image source: PTI