Asia FX Gains as Dollar Hovers Near Six-Week Low

The US dollar hovered near a six-week low on Wednesday as Asian currencies gained ground. The Reserve Bank of India left interest rates unchanged, citing rising inflation and global uncertainty.

The Indian rupee extended recent gains after the RBI decision, falling to 95.06 rupees against the USD/INR pair. This marks a nearly 2% recovery from recent lows amid optimism surrounding US-Iran diplomatic efforts.

Oil prices slipped for a third straight session, with Brent crude retreating sharply over the past two sessions. The yen held firm after falling sharply at the end of last week following coordinated intervention by Japan and the US.