The Indian rupee experienced an upward trend against the US dollar on Friday, following a period of significant depreciation. This recovery is largely attributed to the Reserve Bank of India's strategic dollar sales, aimed at curbing one-way currency weakness.

Markets had wagered on only one more hike next year to 1.0%, even though Ueda has suggested a neutral range for rates would extend from ⁠1.0% ‌to as high as 2.5%