USD/INR Price News: Finds bids near 75.50 as the Russia-Ukraine truce optimism fades

• USD/INR is volatile at open as investors await the OPEC meeting.
• The DXY has been hammered on multiple catalysts.
• The optimism over the progress of the Russia-Ukraine peace talks seems to fade away.

The USD/INR pair has witnessed a decent buying interest near 75.54 as a ceasefire expectation between Russia and Ukraine faded despite a constructive outcome from the peace talks on Tuesday.

The first face-to-face peace discussions between the officials of Russia and Ukraine in Turkey resulted in a withdrawal of Russian military activity from northern Ukraine and Kyiv against the proposition of neutral status by Ukraine and the promise of abstaining from alliances. This had led to a firmer rally in the risk-sensitive assets and eventually in the Indian rupee. However, the later statement from Moscow's lead negotiator cautioned that Russia's promise to decrease military operations did not represent a ceasefire and a formal agreement with Kyiv had a long way to go, as per Reuters faded the optimism of a truce between the Russian rebels and Ukraine defenders.

On the oil front, West Texas Intermediate (WTI), futures on NYMEX, have slipped near $100 ahead of the OPEC meeting. The major discussion of the OPEC cartel is likely on filling the demand-supply gap to bring price stability. Also, the Indian rupee may display a positive correlation with the oil prices on Thursday.

Meanwhile, the US dollar index (DXY) is dropping on multiple factors. Broadly stabled market sentiment, weak US economic data, and uncertainty over the yield curve inversion are weighing pressure on the might greenback.