The US dollar remained steady ahead of the release of key US inflation data and the approaching US-China tariff deadline. Early reports showed the dollar holding gains as markets anticipated the inflation figures. The Indian rupee opened at 87.50 per dollar but ended flat at 87.66, as importer demand for the US dollar offset initial gains. Following the release of US inflation data, the dollar slipped, reflecting market expectations that the Federal Reserve may cut interest rates in September. The inflation report was seen as supportive of a rate cut, leading to a decline in the dollar's value by nearly $15, marking its largest drop since April. Meanwhile, the Australian dollar awaited the Reserve Bank of Australia's policy decision amid these developments. The dollar's decline has been ongoing since the announcement of global tariffs by US President Donald Trump, with a cumulative drop of nearly 10%.