USD/INR loses traction as Indian Rupee surges on oil prices, bond yields pullback

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• Indian Rupee gains ground on a decline in oil prices and US bond yields. 
• The Middle East tension might exert selling pressure on the Indian Rupee.
• US Q3 Gross Domestic Product (GDP), will be closely monitored by traders.

Indian Rupee (INR) gains traction against the US Dollar (USD) on Wednesday, supported by retreating oil prices and US Treasury bond yields. However, investors remained worried about the higher-for-longer rate narrative as Federal Reserve (Fed) Chair Jerome Powell said that the economy’s resilience and tight labor markets may require tighter conditions.