The Indian rupee rose to its strongest level in six weeks on Tuesday, as foreign portfolio inflows related to Jio Platforms' IPO helped the currency extend a recovery spurred by a bevy of policy measures last week. The rupee rose to a peak of 94.4925 before trimming gains slightly to last quote at 94.56, up 0.4% on the day. The currency has recovered by more than 2% after threatening to breach record low levels earlier in the month. Its bounceback was spurred by a range of policy measures introduced by ?the central bank, including redirecting oil-linked dollar demand away from the spot market and raising the cost of certain importer hedges. The Reserve Bank of India's market interventions have further reinforced the impact of those measures alongside foreign inflows. While the currency has found its footing recently, traders remain wary of the risk from elevated oil prices, which represent a key economic headwind for India's net energy-importing economy. Asian currencies traded largely rangebound, while the dollar index was nearly flat at 101.8. The US dollar was mixed on Wednesday as traders weighed renewed oil-driven inflation risks and waited for next week's Federal Reserve meeting, while the Australian dollar gained on hawkish central bank comments. The dollar weakened last week despite data showing US consumer price inflation accelerated in September. The pound rose slightly against both the euro and the dollar on Wednesday after a hotter-than-anticipated inflation reading solidified bets of a Bank of England interest rate hike next month. Sterling was last up 0.1% at $1.339, holding near its highest level in about a month. It rose 0.2% against the euro, up for the fifth straight session and at its strongest in 17 months, pinning the European common currency down at 83.80 pence. Money market data showed traders are nearly fully pricing in a 25-basis-point rate hike in November. Expectations currently are for four rate hikes by the middle of next year, according to LSEG-compiled data. The euro has suffered against most currency pairs recently, with traders remaining cautious on the single currency as France grapples with widespread anti-government protests and a worsening fiscal outlook that has pushed its 10-year borrowing costs towards 24-year highs. Focus would now be on British finance minister John Healey's first budget, which is to be delivered next week. Oil prices were little changed on Wednesday as investors weighed possible progress toward Russia-Ukraine talks against declining US oil stocks and a lack of US-Iran dialogue. Brent crude futures gained 27 cents, or 0.2%, to $109.04 a barrel by 10:50 a.m. ET (1450 GMT). US West Texas Intermediate crude was down 11 cents, or 0.1%, to $97.72. Gold prices hovered near a one-week low on Wednesday as a rally in oil prices stoked inflation fears linked to Middle East tensions, with investors looking ahead to next week's Federal Reserve meeting. Spot gold was up 0.1% at $4,127.31 per ounce by 11:10 am EDT (1510 GMT) after hitting its lowest since October 15 in earlier trade. Among other metals, spot silver slid 0.9% to $57.46 per ounce, platinum fell 1.1% to $1,630.03 and palladium dropped 1.2% to $1,089.73. www.eforexindia.com......