The rupee's facing persistent downward pressure lately. All eyes are now locked on the Fed's next move—their policy decision could be the catalyst that shifts momentum. Bond markets aren't sitting still either; yields are reacting to every hint of rate trajectory changes. Emerging market currencies always dance to the Fed's tune, and this time feels no different. The correlation between central bank signals and currency volatility remains as tight as ever. Will the Fed ease up or hold firm? That's the billion-dollar question driving traders' strategies right now.