According to CoinMeta, the rebound of the US dollar failed to support the Indian rupee, which came under pressure against the dollar on Thursday, despite both the dollar and oil prices falling. The expected slowdown in the growth rate of the US Consumer Price Index in July (CPI) alleviated market concerns about a near-term interest rate hike by the Federal Reserve, putting pressure on the dollar. Analysts at Brown Brothers Harriman Bank pointed out that the latest US inflation data led to a moderate dovish shift in interest rate expectations, although the overall upward trend of the dollar continued. They emphasized that the US July CPI data indicated that inflation was cooling down, and bets on a September interest rate hike in federal funds futures were reduced from around 50% to 35%. Economies that rely heavily on oil imports, such as India, often perform poorly in an environment of high oil prices.